The significance of health (financial and physical) on your path to FIRE (financial independence retire early)
 |
| Exercise to make the most of life and financial life! |
Arlen Specter: “There’s nothing more important than our good health - that’s our principal capital asset.”
I’m a recent early retiree at the age of 48. My retirement started at the height of the COVID-19 pandemic in August 2020. Since August, I’ve been traveling with my wife and our traveling companion Toby, a 13 pound Pomeranian dog.
For this post, I’d like to discuss the significance of maintaining a healthy body for life and for financial independence.
First some interesting findings:
- In a 2019 report by the Financial Health Network, less than 1/3 of Americans were considered financially healthy. 20% of women reported a lack of financial security causes them high stress.
- In a 2015 survey done by one of the largest banks in the US, it found 81% of respondents found goals easier to achieve when their finances were in order. About 70% of respondents reported good financial health had a positive effect on their physical health.
What do these reports tell us?
Well, for one thing, you can’t ignore the correlation that exists between being financially fit and being physically fit. It works hand in hand. If you don’t have financial health, then your physical health suffers, but it’s also true in reverse. If you have good financial health, then your physical health improves.
It also means this way as well: If you’re physically fit, then your finances has a good chance to be healthy as well!
A CNN Money report found those men who regularly exercised had 6% higher salary while women who regularly exercised had 10% higher salary than average. There are similarities between being physically fit and financially fit:
- Both require setting goals to achieve your goals
- Both require establishing a routine
- Both require embracing the slow progress
- Both require hard work and commitment
It’s these traits and commitment that help on your path to financial security, financial independence and retiring early.
Growing up, I did my share of physical activities in school and after school, from karate, volleyball, softball, and running. I was more interested in the exercise part of health more so than the diet part.
I loved sweet stuff growing up like everyone else. I mean, who can resist chocolates, ice creams, cookies, candies, and sodas? My high school breakfast used to be a candy bar and a YooHoo chocolate drink. I didn’t think much of it until I went to the dentist one too many times.
My teeth are not the most healthy. Neither of my parents have good teeth. After getting my third dental implant, I decided to give up on sugar. This was around 2010 or so.
Since then, my diet has been fairly strict. I no longer eat sugar or sauces like barbecue sauce or salad dressing like Thousand Island. All these I learned, contain way too much sugar. I’ve substituted sugary sauces and dressings with simple oil/vinegar or ranch dressing.
After I cut out sugar, I noticed my trips to the dentist were less painful (physically and financially), and I had less crash (low sugar) after meals. Everything I buy at grocery stores, would be closely scrutinized for ingredients list. Anything over 2 grams of sugar would not be considered. I also look closely at other ingredients list. My motto: The less it contains, the better!
For example, if I’m buying potato chips, it should contain just 3 ingredients: potatoes, salt, and oil. If it has more than that, then I’ll skip that one.
These days, stores are stocking healthful options that don’t add additional sugar or ingredients. It’s much easier to find healthy options now vs 10 years ago...
The tips below are imperative for a healthy body which equals healthy finances.
- Look at the ingredients list. The less the ingredient list, the better.
- Eat less sugar, or better yet, wean it from your diet over time.
- Whole grains should be added to your diet as much as you can. Eat more oats, whole wheat, oatmeal, etc.
- Frozen foods are usually not that healthy even if their name says so. They contain too much sugar, salt, and additives...
- Eat less processed food and more wholesome foods. Any packaged food that contains ingredients you can’t pronounce is probably not too good for you.
- Drink less soda. Brew your own iced tea at home or drink water.
Tip: You cannot completely change your diet overnight. It took me years to drop sugar from my diet. Expect to do something similar. If you’re too ambitious, you may fail miserably. Give yourself a break. Have some sweet stuff on your weekends but don’t eat them on weekdays. After awhile, it’ll get easier!
- Exercise more. You don’t need fancy gym equipment to break a sweat. Use simple no equipment exercises (body weight exercises) like push ups, forward lunges, squats, running in place, walking, hiking, etc.
- Do strengthening & flexibility exercises. Body weight exercises for strengthening and yoga for flexibility for example.
- Set a goal to exercise more and commit to it
- Make exercise as part of a routine
- Embrace slow progress; true in exercise and true in investing.
Conclusion:
The hard work and commitment required to maintain a healthy body is equally effective in being financially healthy. Usually one will impact the other. When you have discipline and commitment to doing both, good results will follow.
Like anything in life, the wisdom to enjoy the process is important. Embracing the process and later the progress, is a good way to achieve your health and financial goals.
Thank you all for reading!
Jake
Wandering Money Pig
If you missed the post ‘What’s it like to hand in your resignation...’, please click here.
If you missed the post ‘How to retire early...’, please click here.
If you missed the post ‘We sold our home during the pandemic...’, please click here.
If you missed the post ‘What is the FIRE (financial independence retire early) movement...’, please click here.
If you missed the post ‘Magic of compounding interest...’, please click here.
If you missed the post ‘Our minimalist update…’, please click here.
If you missed the post ‘Dangers of entitlement on your path to happiness…’, please click here.
If you missed the post ‘Get rid of debt to reach your goal of financial independence…’, please click here.
If you missed the post ‘Thinking of moving to Pennsylvania…’, please click here.
If you missed the post ‘Learn to say enough to be happy on your path to financial independence and to retire early…’, please click here.
If you missed the post ‘Why is downsizing/minimalism so difficult…’, please click here.
If you missed the post ‘Is America still a land of opportunity…’, please click here.
If you missed the post ‘Learn a skill that pays you well to retire early…’, please click here.
If you missed the post ‘Invest and not save for retirement…’, please click here.
If you missed the post ‘Learn to enjoy the moment for life and for FIRE…’, please click here.
If you missed the post ‘The correlation between consumerism and early retirement…’, please click here.
If you missed the post ‘Retire on $200,000 (200k)…’, please click here.
If you missed the post ‘Adapting to change for life and for FIRE…’, please click here.
If you missed the post ‘Thinking of moving to Hawaii…’, please click here.
If you missed the post ‘Tough childhood leads to success in later life…’, please click here.
If you missed the post ‘Thinking of moving to New York City…’, please click here.
If you missed the post ‘Importance of finding purpose in early retirement…’, please click here.
If you missed the post ‘What is the rule of 72…’, please click here.
If you missed the post ‘Retire on $100,000 (100k)…’, please click here.
If you missed the post ‘The importance of a significant other’s role in your path to FIRE…’, please click here.
If you missed the post ‘Save for retirement or pay off debt…’, please click here.
If you missed the post ‘How much do I need to retire…’, please click here.
If you missed the post ‘Early Retirement Manifesto…’, please click here.
If you missed the post ‘Pros and cons of early retirement…’, please click here.
If you missed the post ‘How to save money when traveling…’, please click here.
If you missed the post ‘What is the average 401k balance…’, please click here.
If you missed the post ‘Doing a garage sale during the pandemic…’, please click here.
If you missed the post ‘First few months after early retirement…’, please click here.
If you missed the post ‘Not caring too much equals happiness…’, please click here.
Please check out our YouTube channel ‘Wandering Money Pig’ showcasing our travels and our Pomeranian dog! https://www.youtube.com/channel/UC3kl9f4W9sfNG5h1l-x6nH
