Beyond Wealth: Why We Should Prioritize Financial Wellness
Why Wealth Does Not Equal Wellbeing
There is no aruguing that wealth and wellbeing are interconnected, but it is important that we get the equation right. Wealth ≠ Wellbeing.
While I do believe financial security plays a crucial role in supporting our overall well-being, there is more to the equation than just having an abundance of money & assets.
On the other side of the equation, when we think about our wellbeing and wellness routines, we often think about our physical, mental & emotional health, without considering the impact of our financial health.
I think it's important that we bridge the world's of wealth & health together to achieve true wellbeing.
The goal is not more money. The goal is to be at peace and healthy to do the things we love with the people we love.
Yes, we need money to make it happen. But it's not about the money. It's about managing our money and time in a way that makes us feel good.
Let's stop prioritizing more money, and start prioritizing financial wellness.
Understanding Financial Wellness
Financial wellness is not about the actual dollars and more about our relationship with money, the way we manage our money and how it impacts other aspects of our lives.
It involves a holistic approach to managing money, ensuring that our financial decisions support overall our physical, mental and emotional well-being.
The Impact of Financial Wellness on Overall Well-being
Why is Financial Wellness important? It effects all aspects of our lives, influencing our physical health, mental health, relationships, and productivity at work. When we don't take control of our financial wellness, it can negatively impact other aspects of our lives.
Physical health –
It is no secret that money is a leading cause of what keeps people up at night and a good night sleep is key to our overall health. In addition, financial stress can often lead to unhealthy coping behaviours, such as overeating, smoking, or excessive alcohol consumption.
Mental Health-
The burden of financial debt, the fear of an uncertain financial future or the constant comparison to what success should look like can weigh heavily on a person’s mental well-being and cause anxiety, stress or depression.
Relationships-
Financial issues often put a strain on the relationships with those closest to us and is a leading source of conflict amongst couples and families.
Productivity-
Financial worries are without a doubt a major distraction, leading to decreased focus, lower job performance, and less engagement with work.
What Financial Wellness feels like:
It's not about what it looks like. It's about what it feels like.
- Security- to feel the peace of mind that you can cover unexpected expenses or get through any financial obstacles that may present themselves.
- In Control- to actively manage your money in an intentional way that helps you reach your personal goals and sleep at night.
- Clarity- to approach financial decision-making with a postive mindset & mental clarity to ensure we manage our money in a way that aligns with our values.
- Confidence- the belief that you are deserving and capable to make money and make informed financial decisions to comfortably navigate living the life you desire.
- Empowered- to feel excited and eager to manage your finances in a way that aligns with your personal values & goals.
Strategies for Achieving Financial Wellness
The key is to start simple and incorporate a healthy balance between money management, movement and mindfulness as they all affect our financial wellness.
Read our guide: 5 Steps to Kickstart your Financial Wellness Journey to get started.
Financial wellness is about more than just accumulating wealth. It's about making informed decisions that support your overall wellbeing. By focusing on financial health, you can create a balanced and fulfilling life.
Remember, it's not the amount of money you have, but how you manage it that matters.