You may not think they’re related, but there’s a strong link between health and wealth. After all, the more financially stable you are, the easier it is to take care of yourself. While people think the link is all about healthcare access, it’s about much more than that. Unless you’re a millionaire, the stress from student loans, high rental rates, mortgages, and debt payments can make you sick. Time-consuming but low paying jobs and financial limits also make it harder to stay healthy.
Being financially healthy leads to you being physically fit. However, in the United States, only 29% of people are economically stable. You can have financial issues because of a failing small business or the depreciation of an investment property. Bad alternative investing decisions or low net income also cause a lack of cash flow. Economic instability and a lack of cash flow make it harder to access healthy food or have time to exercise. All of this can lead to unwanted stress and ailments.
The good news is that there are several ways to maintain your financial and physical health with a few wise moves. Instead of focusing on how much money you can make in a year, consider how to invest and grow it. You can gain more with an investment property, passive income streams, and wise stock market investments. Also, consider investing in a rental property or start an import/export business. You can also look for asset class investment opportunities and find ways to get higher returns on your income tax. Here are some ways to start increasing your wealth to benefit your health.
1. Find good investment opportunities.
You spend hours slogging away at work, but how much money and time do you invest in yourself? There are so many reasons why it’s essential to invest in yourself, but it’s not always easy to do so. A good investment portfolio is one of the best ways to invest in your health. It can take the form of several things, from alternative investing to keeping an eye out for a good investment opportunity or hiring a savvy investor or specialist to ensure you meet your investing goals.
If this is your first time, an easy way to start is to use an investment platform to help you out. Diversifying your investment interests, building passive income, and researching the stock market can take time. Besides, if you’re not a broker or savvy investor, it’s scary putting a lot of money into an investment opportunity you don’t know well enough. You can miss red flags, overlook a great deal, or choose a lousy investment offering.
For the perfect type of investment—especially collateral-backed investments that are otherwise hard to find—it’s a good idea to use a platform like Yieldstreet. Of course, before you put a lot of money into anything, do your due diligence and make sure only an accredited investor has access to it. Check out Yieldstreet reviews to see what other people gain from the platform, how it can help your passive income, and what investment opportunities you can access.
Even if you use a platform other than the stock market, it’s a good idea to know the track record of the investments you choose. You may know the basics, such as how to research stock markets, what collateral is, and the terms buyer, lender, and investment property. Terms like interest rate, times interest earned ratio, and low stock market correlation can be more complicated to figure out. Find out everything you can about all these terms and how things like time interest can benefit your investment opportunities. Also, research every creditor, trust, company, founder, or government agency related to the investment before you pick it.
2. Take Your Time
With so many “30 under 30” lists in every industry, it’s easy to think that if you haven’t made it in your twenties, you’ve failed. Chasing lists like this and trying to get to the top before you’ve completed the first step in a career is terrible for your health. The pressure of success before 30 is psychologically damaging and can cause mental health issues like anxiety.
Forget trying to own your first rental property, fill your bank account, or increase your net worth by 30. In the long run, it will leave you stressed and burned out. So, focus instead on achieving your dreams in a more balanced, healthy way. There’s no reason you can’t break into a field in your thirties. You can take your time to focus on learning how to be successful in your area and climb to the top more healthily.
Even in a fast-paced field like law, you can take your time as a law student and give your bar exam without the pressure to hurry through everything. Take your time to learn about litigation and lawsuits at a renowned law office before starting your law firm. It will help you become the sort of lawyer who thinks about more than cases, plaintiffs, litigation suits, and the best business model for your law firm.
Like renowned New York lawyer Howard Fensterman—who not only runs his law firm but also focuses on philanthropy, mental health awareness, and healthcare—taking your time is the best way to become a lawyer with a social conscience. Becoming a lawyer at 30 is not always easy, but it’s still a great way to break into the field. Besides, it can ensure you don’t burn out before your first court case.
3. Focus on your passive income.
Is your net income after income taxes enough to get you through a health emergency? It’s essential to regularly check your income statements, put a portion of your annual income away for an emergency, and remember to increase the amount of passive income you make. Some people build passive income by investing in the stock market or other investment opportunities. For others, real estate investments—like turnkey properties or rental properties—and different investment strategies are a better option.
If you’re a homeowner, the best way to increase your net worth is to become a landlord. Not all landlords make enough to create significant health funds, but it’s possible to make a substantial amount off renters with your own home. If you have a lot of money, put a down payment on a home and pay the loan or mortgage with renters’ help. If you’re considering real estate investments, it’s a good idea to get a real estate investor to help you out. Spend a lot of time on market research, research the background of any real estate agents you hire, and treat every property investment as a small business venture.
Since real estate investments can become full-time income opportunities for some people, it’s also a good idea to learn more about the real estate market. Find the best tips for investing in rental properties, figure out what your debt obligations would be, and learn more about everything from property value to mortgage payments.
Even though real estate is a passive investment, you can’t be passive about your approach to it. For good returns, you need advice from the right people, a rental property in the right place, and quality tenants if you’re a landlord. The downside to real estate is that you can lose money if you don’t put in a lot of work.
If you plan to flip a house, think about how much renovation it needs, whether it’s worth the purchase price, what the neighborhood is like, and whether a fixer-upper is right for you. Think of property taxes, depreciation, homeowners insurance, what the real estate marketplace is like, and whether you need to hire a contractor before finding a buyer. Treating every real estate investment like a business opportunity is the only way to earn enough annual income from it.
4. Keep Yourself Updated
There’s a good chance the knowledge you think is relevant information now can change in a few years. As a good rule of thumb, update yourself regularly to have an excellent chance to increase your annual income without running into any issues. The first thing to do is read books about your industry, get legal advice for any outstanding debt payments, update your skillset, and keep track of your financial statements. An excellent way to update your skillset is to do a certificate course to improve expertise or do an apprenticeship before starting your own business.
For example, if you aim to run an import/export business from your home, it’s essential to update yourself before starting your new business. Research everything from the type of business to local government laws, merchandise logistics, the past performance of successful import/export businesses, and legal matters that can affect the operation. Consider the costs of everything before you start to avoid going at a loss and stressing yourself out. Think about the type of products you’re selling, invoices, business cards, the timeline for good profit margins, and how much it costs to hire the right people to help you out.
The stress of startup costs, routine maintenance, legal issues, and other potential risks can damage your health. Instead of accumulating real wealth to help yourself stay healthy, there’s a good chance you’ll end up requiring more healthcare in the long run. So, the best way to start any type of business or to accumulate passive wealth is to stay updated on the potential risks of what you’re planning to do. To avoid cons and scams, do a background check, so you hire the right people, check what obstacles or legal matters you’re at risk of, and whether your annual return gives you enough to boost your savings account.
The next step is to focus on any investments you have, whether in real estate or the stock market. The relevant information you have from last week may have changed, so remember to stay updated instead of letting a broker do the work for you. The first year of financial health is the most challenging since you have to simultaneously learn and make wise investments. Once you’re no longer a new investor and know your profit margins from an investment opportunity, it’s easier to stay updated.
A successful business or investment opportunity has positive effects on your net income. In the same way, sound finances have positive long term effects on your health. When you make financial decisions, try to avoid additional debt, whether it’s as small as credit card debt or as large as a mortgage loan. It may take a long time to become financially stable, but once you do, your health will thank you for it.