Growing up, you have probably heard of the adage “health is wealth.” When you were still a kid, you might have just shrugged it off as something that adults love to say. But now that you’re already an adult yourself, you might be double-taking and seriously wondering about the logic and truth behind this saying.
The truth is that there is a strong relationship between health
and wealth. Believe it or not, a healthy body is the secret to a fatter bank
account. It doesn’t matter if you’re looking for a partner, you want to fit
into your old clothes, run a marathon, or climb a mountain, making your health
your top priority can make you earn healthy dividends that could add more
zeroes to your bottom line in the long run.
Consider it a lucrative benefit on the side but regardless of when
you decide to begin your journey to better health, committing to it might be
one of the best decisions you can ever do to earn more wealth.
Does Health Come First Over Wealth, or Is It the Other Way Around?
A lot of studies have revealed the connection between wealth and
health. However, this is often a hot topic of debate, just like which comes
first, the chicken or the egg? Do healthier people build more wealth, or do
people live healthier and longer thanks to their massive financial resources?
Well, it seems like the answer is both. The Canadian Medical
Association’s 2012 poll revealed a strong connection between health and higher
incomes. While almost 2/3 of people who have an annual income of $60,000 or
higher described their health as excellent or very good, less than 40% of
people whose annual income is under $30,000 claimed the same.
The respondents to the poll who have the least incomes were also
almost 50% more inclined to report a diagnosis of a chronic condition compared
to people who had the highest incomes.
Wealthier people tend to be in great shape and health because of
many different reasons. After all, these people can afford quality food,
supplements, and healthcare. However, evidence also shows that healthy habits
are not just because of higher incomes they also happen to be their cause at
the same time.
The Millionaire Next Door’s author, Thomas J. Stanley, discovered
that self-made millionaires tend to have specific habits in common. These
people get to enjoy a respectable sleep of an average of 7.5 hours a night.
They also wake up early, mostly by 6 in the morning, and enjoy exercising at an
average of 3.5 hours weekly.
Studies also revealed that people who stay fit earn incomes that
are higher than average. A study published in the Journal of Labor Research’s
June 2012 issue showed that those who exercise regularly earned 9% higher than
their colleagues.
The reasons given for this connection aren’t related to their privileges as a silver spoon at all. Running marathons, taking part in competitive sports, or even just striving to stay physically fit requires someone to develop perseverance and discipline. Many of them also learn to work with accountability buddies, coaches, or teammates, honing their skills that they can easily transfer to professional settings.
Does Health Predict Wealth?
There are also several physical reasons why being healthy can lead
to improved productivity and success. Fit people tend to sleep better, have
more energy, and lower stress levels.
They also enjoy cognitive advantages thanks to the enhanced
nutrient delivery and oxygen levels which, together with some other factors,
can help boost learning abilities and memory.
As a result, people who remain fit achieve more and are also more
inclined to work harder and longer with better focus compared to those who
aren’t fit.
Fair or not, aside from the physical factors, cultural factors
also reward people who stay fit and healthy. Numerous studies have revealed
that fit people are often promoted almost right away and endure less
discrimination as well.
A study that was submitted to the Health Economics journal
revealed that the salary differential between obese employees and normal weight
has an average of 2.5% with higher pay cuts given to women.
One more way that makes health great for wealth is through the
reduction of healthcare costs. The research presented at the Quality of Care
and Outcomes Research 2012 Scientific Sessions of the American Heart
Association showed a compelling connection between lower healthcare costs,
exercise, and long-term health.
This study which lasted for several years tracked a total of
20,489 healthy individuals and discovered that participants who stayed fit and
exercised enjoyed lower medical costs by up to 38% several years later based on
the measurement of Medicare and other similar insurance claims. The Medicare
claims’ savings alone for every person who also regularly exercises were almost
$2,000 annually for every person.
The same study also confirmed that fitness habits during mid-life
years translated to economic savings later in life. Dr. Justin Backmann, a
research fellow at the University of Texas Southwestern Medical Center and
author of the study, stated that they learned that fitness grants dividends
later on in life despite controlling other risk factors like obesity, high
blood pressure, and smoking.
Tips to Boost Your Health and Wealth
Now is the best time to ditch those excuses and make significant
changes in your life. Below are some simple but effective ways to improve both
your health and wealth: