You can approach the health-wealth portfolio by setting wealth goals that have measurable health improvement targets….the door swings both ways!
You’re getting proficient at considering the health goals, aren’t you? In order to really make the connection, try setting a couple of wealth goals that you achieve by improving your health management.
It may seem a bit backward, but it’s about using your resources wisely. In this case, your goal might be “to save $50.00 a month in my 401K plan.” Now you need to link this to a goal for health improvement.
Suppose you are managing your asthma, but your first inclination is to cut back on your inhaler. This will save you about $50 per month in co-pay costs. Now, think about it for a minute. You may get a short-term “win,” of the first and maybe 2nd month of savings $50. But what happens when you have an asthma attack because you are not managing your asthma according to the treatment plan? You may, in fact, end up in the emergency room, with a higher co-pay because you haven’t met your $500 deductible. Oh oh, there goes your $100 in savings…in fact, you have now lost $400 ($500- 2 times $50= $400).
Now you know why you want to practice linking health and wealth goals. It’s about using your resources for the BEST return on your money.
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