Your choice - Money, Time, Wealth
Wealth secures health!
Studies have shown a positive correlation between good health and higher income.
That is people who earn more money tend to have less disease and better health, overall. Poor health and higher rates of disease are associated more with those in lower income groups.
As you move up the socioeconomic status hierarchy, your health prospects continue to improve.
Why that happens is the million dollar question.
Psychologists are working to find the answer. Using new methodological strategies they are trying to figure out how a constellation of economic, social and work factors together known as socioeconomic status affects health.
However, we understand that those living in low-income households are less likely to have health insurance or access to medications and treatments that can treat chronic health conditions. Low-income families also have less access to preventative and speciality care.
It’s no surprise that individuals with higher income can afford gym memberships and have more time for improving their physical health. In addition, those with wealth my not be afraid to seek medical advice for fear of cost or outcome. We also know that nutritious food, such as fresh fruits and vegetables, cost more than calorie-dense, inexpensive, ready-to-eat meals.
So this provides us with an insight around your physical health.
Would you still choose your physical health over the other options?
WANT TO IMPROVE YOUR MENTAL HEALTH?
Fix your finances
Poor mental health means managing money is harder.
Worrying about money makes your mental health worse.
Read that again….
Poor mental health means managing money is harder.
Worrying about money makes your mental health worse.
This concept is crazy to comprehend.
Worrying about money makes your mental health worse – but having a poor mental health means managing your money is harder.
Therefore, for many they are stuck in this cycle of having money problems, poor mental health, and having no way out due to poor mental health making managing money harder.
You may know of a friend, family member or even yourself in a similar situation.
To someone on the outside, with a clean bill of health – the solution may seem simple and easier. However, when you are stuck in the cycle with poor mental health, there is no end in sight.
As discussed, mental health and money problems are often intricately linked.
46% of people in problem debt also have a mental health problem.
86% of respondents to a ‘Money and Mental Health survey’ that experience mental health problems said that their financial situation had made their mental health problems worse.
72% of respondents to Money and Mental Health’s survey said that their mental health problems had made their financial situation worse.
These insights illustrate how critical your wealth and financial situation is to your mental health. Mental health and finances are strongly linked. Experiencing a mental illness can add to financial stresses, and financial stresses can add to a mental illness.
Finances can bring security and peace of mind. Combined with leisure time and fun activities, it can have a positive effect on wellbeing. Being able to work and pay bills regularly can ease pressure, though not everyone is able to do that.
Mental health and financial woes are related. However, those who are well off are not all mentally well, and all those who are disadvantaged are not depressed or anxious. The way we view our financial situation is what impacts our mental health. Even someone who is regularly paying off their debts may have constant feelings of mental and emotional distress around personal finances.
Some signs that financial stress is affecting your mental wellbeing include: arguing with the people closest to you about money, having trouble sleeping, feeling angry or fearful, mood swings, tiredness, loss of appetite, and withdrawing from others. Addressing financial problems early on can reduce their impact on mental health.
- Financial difficulties are a common cause of stress, and stigma around debt can mean that people struggle to ask for help and can become isolated. The impact on people’s mental health can be particularly severe if they resort to cutting back on essentials, such as heating and eating, or if creditors are aggressive or insensitive when collecting debts.
- Financial difficulty drastically reduces recovery rates for common mental health conditions. People with depression and problem debt are 4.2 times more likely to still have depression 18 months later, compared to people without financial difficulty.
- People in problem debt are three times as likely to have thought about suicide in the past year. Suicide is a complex phenomena and there are usually a range of social factors, life events and other circumstances that drive someone to think about it.
How does having a mental health problem affect your finances?
People experiencing mental health problems are less likely to be in paid employment , and more likely to be in low-paid employment .
Only 43%of people with mental health problems are in employment, compared to 74%of the general population and 65% of people with other health conditions.
People with mental health problems are also over represented in high-turnover, low-pay, part-time or temporary work.
Mental health problems can shape how our minds work and how we behave, as well as our emotions. Common symptoms of mental health problems, such as increased impulsivity and memory problems, can make it harder to keep on top of financial management or to get a good deal in complex markets, increasing the likelihood of financial difficulty.
Many people with mental health problems report that their spending patterns and ability to make financial decisions changes significantly during periods of poor mental health. A Money and Mental Health survey of nearly 5,500 people with mental health problems found that, while unwell:
- 93% spent more than usual
- 92% found it harder to make financial decisions
- 74% put off paying bills
- 71% avoided dealing with creditors
- 56% took out a loan that they would not otherwise have taken out
So if your finances are becoming a physical or mental burden – reach out and ask for help.
Alternatively, if you are looking for clarity, direction and advice on your financial situation and understand you could be doing more, but have been afraid to ask for help – reach out to our team.
Many (especially men) think asking for help is weak…
Ask for help = Unable to help yourself = Helpless = Victim = Weak
However, studies have shown that asking for help makes you happier, healthier, more successful and enable you to have better relationships.
For those with potentially poor mental health that need support….
We have made it easy.
You do not even have to pick up the phone to make an appointment.
You can book online to arrange a time that suits you.
TIME
Thinking about all the clients that we have seen over the past 17 years, ultimately TIME is what everyone is seeking. Each individual may articulate it differently and have different timeframes to achieve financial freedom, but ultimately this is what everyone is striving towards.
If we look at retirement, this is financial freedom that many are seeking by the time they are 60+
However, the next generation are looking to speed this process up.
It is no longer about working your entire life being trapped in the cycle of working to repay your mortgage, once your mortgage is repaid, retire & receive the Age Pension whilst you are in the waiting room.
Many are now looking at becoming financially free in their 40s & 50s to ensure they have the opportunity and TIME to spend with their loved ones, creating memories and building legacies that will be passed on for generations to come.
Financial freedom enables you to regain control of your time.
- Freedom of Choice - having the choice to retire from work or choose your occupation/working conditions, is very important. This freedom will allow you to choose what you do with your time based on your passions, purpose and enjoyment, rather than the pay packet.
- Time is limited - Let’s say you are on this earth for 80 years. Do you want to be spending 65 years of them working? You want to be free for as many years as possible. Even if you love your job, you still may choose to cut down the hours to spend more time with your loved ones or spend time making memories doing the things you enjoy.
Consider your situation.
What is most important to you?
Time, Health, Wealth?
Do you understand how time, health and wealth are intrinsically linked?
Do you have a plan?
Are you on track?
Maybe start with the following questions:
What is your mortgage repayment strategy?
How much are you investing today for tomorrow?
How much longer do you want to be trading your TIME for money?