The words “your health may determine your wealth” appears in the book of the financial journalist, Kelvin Boston titled Who’s Afraid to Be a Millionaire? In a general sense, your ability to grow wealth is highly dependent on the health factor.
According to users on UK.collected.reviews being healthy allows one to earn a living and make financial investments and gains. The only way you are going to be able to grow your investments is only when you have a long life expectancy which is guaranteed by health.
On the other hand, being of poor health has the effect of draining wealth in so many ways. Insights from money management services note that one health deficiency can erode years of accumulated wealth. But, managing your health properly will determine the possible health effects you might encounter.
Here are some of the ways health can determine your wealth.
1. Having Health Insurance:
The major reason everyone looks towards having health insurance is so that they do not have to run into financial crisis in the future due to medical bills. Having health insurance has its effect on your finances. It saves you the possibility of going bankrupt in cases of a medical emergency. Without health insurance, there’s a possibility that you could go into debt or go bankrupt in cases of unforeseen medical emergencies that might arise.
2. Poor Health:
Being in poor health highly affects your finances in very huge ways. Poor health and insurance can sweep you off of your savings leaving you without anything. Good health is proportional to wealth sustenance but poor health does entirely the opposite of that. No matter how much wealth you acquire, being of poor health means you have to keep dipping to save and regain your health.
3. Taking Care of Your Health:
Having a regular and active healthcare pattern has a lasting effect on your finances. It’s either you’re getting health insurance or you are taking care of your health issues when they arrive to avoid them increasing into something unmanageable. When you take care of your health adequately, this is made manifest in your finances as it enables it to grow but poor health decisions have its effect on your health.
4. Emergency Funds:
Having an emergency defund for health deficiency will save you from dipping into your savings. This is especially the case for people with poor health or the need to have something by the side in the case of health emergencies. Your ability to manage finance that is designated to any health issues determines your wealth.
5. It Either Promotes or Declines Wealth:
Being of sound health affects your finance positively while being of poor health affects your finance negatively. With the rising cost of healthcare, your ability to hold down reasonable savings can be determined by your health. When one is faced with health challenges, their finances suffer.
Health is a huge wealth determiner. This is only evident in how it could increase existing wealth or decrease it. It also entails your ability to make more wealth.