This Thanksgiving season I hope we all have had time to reflect on what is most important to us and the things for which we are most thankful. For many of us, it is good health and family. When you go around the table during holidays, people rarely say they are thankful for their financial stability.
What people don’t often realize when they are attesting their gratitude for good health is the impact it has on your family and your financial wellbeing as well. The three, however, are more intertwined than you may have cared to consider.
The benefits of good health reverberate through the rest of your life. So, this year, instead of just being grateful for good health, let’s make a concerted effort to pursue good health.
Aside from feeling better and living longer, being in good health can actually be a substantial financial win as well. Poor health manifests itself in all sorts of ways from extensive medical costs to lost earnings. So, when you pass on the third or fourth helping this year, the benefits may extend beyond your waistline.
Fortunately, a variety of products from health insurance to disability insurance are available to help protect you from circumstances both unforeseen and out of your control. So, while even healthy people fall on hard times, it is decidedly cheaper to manage your risk from life’s surprises if you are healthy from the onset. Keep in mind that with each passing day age and deteriorating health are having negative impacts on the price and availability of many insurance products.
Health and family go hand in hand as well. Healthy people get to spend more years with their families and get more fulfillment from those years. The constant emotional and financial strain of poor health can materially alter the quality of the time spent with your family.
There are myriad examples of the correlation between health and financial well-being. So, remember that when you hear people say they are grateful for good health, they should also be grateful for the financial benefits that tend to go along with it. Be mindful of living a healthy lifestyle.
Underlying all the well-wishing and family gatherings is a natural stress of the holiday season. Wrapping up another year of work, coordinating family vacations, the financial impact of hundreds if not thousands of dollars in gifts can wear on you. Remind yourself of everything you have and everything you were grateful for on November 26th and have a happy holiday!
This article is meant to be general in nature and is not intended, and should not be construed as personal financial advice. Please consult your financial advisor prior to making financial decisions. Gary Parsons is a Financial Advisor with U-Vest Financial®, a separate entity from Waddell & Reed and can be reached at 850.300.7055. Waddell & Reed, Inc., Member SIPC