How Healthy is Your Wealth?

ist2_2794331_healthy_wealthy_and_wise.jpgWealth from the old English word “weal”, which means “well-being” or “welfare”. The term was originally an adjective to describe the possession of such qualities.

We have all heard the old saying ‘health is wealth’ this I think is perhaps only about half right. If we think wealth is the key to health, then you know you’ve found good wealth to afford the comforts of life, and your worries would take a backseat. Much the opposite would happen if your finances are out of control.

I believe that the ultimate success is defined as staying alive. And the more I think about this, the more I believe it. After all, what do money, power, and good looks matter if you’re dead? For starters, smarter people are likely to have more money.

The first step towards a secure financial position starts with budgeting. You must have a budget to gauge your future positioning. A budget is nothing but an overview on how much you earn, spend, and save. This can be short-term as in case of daily or weekly budgets. It helps you to have an idea about where your money is or will be. Budgeting also helps in achieving long-term goals. For instance, if you fancy owning a Lexus after five years, you should plan to save some bucks from your pay every month and budget accordingly. If you stick to this practice, your desires won’t fail you.

Read

Another must-do en route to financial health is to save. They say if you look after your pennies, the pounds will follow soon. So be penny-wise and start saving early in your career, but save to save future troubles/emergencies. However, this is not to say that you say good bye to fun-factors in life. Indulge in luxuries or occasional extravagances, but save consciously. Don’t remain tied in debt. The sooner you become debt-free, the healthier it is for you. And remember to start paying off the highest-interest loans first. Loan interests are known to break lives, so be aware of the dangers.

Yet another obstacle to a financially healthy future is your credit card. These are such items in your wallet that can drive you to bite off more than you can chew. If you cannot pay your card bills in full, say ‘no’ to credit cards and save yourself a perennial debt-trap.

Of course, we all like to pamper ourselves with a new dress, an expensive watch or a handsome car; but be sure to think before you spend. Do you really need it? If the answer is ‘no’, forget it.

Having said all that, it’s true at the same time, that no matter how much you organize or plan your finances, life throws up unexpected surprises and you’re caught unaware. Maybe you’ve forgotten to consider your emergency house paint or missed an important bill. It’s then that you’d need payday loan online to get the clog out of the wheel.

Wise men would say: keep this as your last option. To sustain your financial health, choose not to go for these high-interest loans.

You may also like...

10 Responses

  1. Shane says:

    Hey Robin,

    Good to see you back!

    Most people know the “save 10% of your income” philosophy but I’ve heard it taken even further …

    1) Save 10% for retirement
    2) Save another 10% for large purchases (that Lexus)
    3) And save another 10% for your other big goals

  2. Robin Bal says:

    Hi Shane,

    I have been a bit under the weather lately and I am glad to be back too.

    I have heard of the 10% of your income philosophy being taken further too, in the end its all a question of priorities. If saving 10% is going to get you a Lexus at 60, might not be worth it.

    Take care and cheers.

  3. Hey Robin,

    For me, neither extreme is good. Having health so good that you live beyond 100 years old but not a penny in your pocket is trouble. The reverse is having billions of dollars but using them to pay the stacks of medical bill is crazy too. So managing suitably good wealth amid good health is the best.

    Again most people knows about saving 10% of their income, but not everyone knows to save the 10% FIRST and not LAST. Do it first, you always save 10%. Do it last, you always end up saving less then 10%. Sometimes none. :)

    Cheers
    James

  4. Robin Bal says:

    Hi James,

    You are right about the 10%, it had better be first, pay yourself first. The 10% should be a part of your budget as an expense to pay yourself.

    Having good health doesn’t mean you will live till 100 :smile: ,I consider having good health as my best asset. Managing suitably is the answer 😉 .

    Take care and cheers

  5. Anna says:

    Hi Robin;
    I agree with James’ statement on saving the 10% first. It doesn’t have to be 10%, whatever you’ve decided on as the amount for your savings would follow the same. If you pay everything else first – most often you’ll find yourself hard-pressed to find anything left afterwards to put into your savings, especially for those of us on a strict budget.

    We have this program at work where we can have a portion of our paycheck automatically deposited into a separate savings account each week so when you do get your pay, you don’t even notice it’s gone, really. It works well and I’d certainly recommend it for anyone who has it available at their company.

    Take care;
    Anna

  6. Robin Bal says:

    Hi Anna,

    You are right it doesn’t have to be 10%, if you can put aside more, its even better. The ‘pay yourself first rule’ should be item number one in your budget.

    The compulsory saving account with the company you work with is a great idea and I know of many different kinds of schemes which companies follow and they all work well. The point I am trying to make is, what % of what you take home are you setting aside? Indeed a not so easy proposition, but with a little discipline you can save a small amount each week. Start with 10$ a week for instance till you reach a point that you cant save any more. Worth a try, what do you think?

    Take care and cheers.

  7. Anna says:

    Agreed. Pay yourself first. I think whatever amount you can put away is worth it.

    Right now, I’d say I’m probably saving between 10% and 15% each pay. (pay is every two weeks) with the savings going toward a vacation coming up soon!

    Mind you, that amount may have to be adjusted to cover fluctuations in earnings now and again, but definately worth it.

    My goal: It’s all about me, baby! 😉

  8. Hey Robin,

    I think the % can’t be fixed. Generally the lower the income, the less as expenses form a large chunk. The more you earn, the more you can set aside. :)

    I have friends who set aside 50% of their income as saving for reinvestment. Do they earn a lot? Not necessary, they just don’t spend a lot. 😛

    Cheers
    James

  9. I want both health and wealth naturally. But if I got to choose one, I would pick health. Without health to control, command and enjoy the wealth, life is not much fun.

    Good to have you back…

  10. Robin Bal says:

    Hi Viv,

    Thanks for your comment and yeah I am glad to be back too.

    That goes for me too, health comes first, all the wealth in the world is no good if I am not healthy enough to use it.

    Take care and cheers :smile:

Leave a Reply

Your email address will not be published. Required fields are marked *

debt relief
http://debt-settlement-review.toptenreviews.com/national-debt-relief-review.html>