Without health, there is no wealth

Business/Yap Ming Hui: Without health, there is no wealth

Yap Ming Hui

This article, explores the role of health factor in wealth management and how our health affects our financial position.

Since the rising cost of medical care is a concern for everyone, we will look into the financial impact of ill health.

Many wealth management books talk about maintaining good health in retirement years in order to live life to the fullest. I cannot agree more with that. However, in my opinion, the relationship of good health and effective wealth management goes back much earlier than that.

The importance of good health starts when someone is still studying in school. Good health keeps the mind alert and fresh which helps you to concentrate more on learning.

Comparatively, someone who does not have good health will always have various pains as well as complaints of lethargy. This will affect his learning. Even though both persons may graduate with the same degree, a healthier person is definitely more employable.

The relationship between wellness and your personal finance is even more obvious when you start working after college.

When you are in good health, your mind is alert and your body is fresh and strong. You feel more energetic and upbeat physically, mentally, emotionally and spiritually. You address the problems and challenges more positively and effectively. You would require less medical leave.

A sound mind and strong body will help you to perform your job well. When you perform your job well, you not only keep the job, but you also enhance your chances of getting promoted - all of which supply the income for your wealth management.

However, when you do not have good health, your mind lacks the alertness you need to be at your best all day, every day. Same thing happens to your body. When you are out of shape, your body lacks the stamina you need to be in your top form. This will directly affect your job performance.

When you are not able to perform the job well, you not only decrease your chances of promotion and increment, but you may also have difficulty in keeping your job. When that happens, the impact on your personal finance is direct and obvious.

Down the road, your bad health lifestyle may lead to critical illness such as heart disease, stroke or cancer if it goes out of control. The treatment of critical illness could easily eat away your financial reserves or even wipe them out.

In addition, you would also suffer the loss of income for not being able to work during the treatment and recovery period. When that happens, your financial position would definitely be affected. The consequence is that you are forced to adjust or postpone the attainment of your financial goals and dreams.

Even if you can afford all those expenses and income loss, wealth without health carries no value and meaning.

When you are bedridden or housebound, it is difficult, if not impossible, to pursue your dreams. Without good health, you would lack the energy and vitality for an active and fully engaged life.

You only get to fully optimise the value of your wealth when you are physically fit and mentally fresh. "Health is wealth. Without health, there is no wealth."

Even though you are blessed with good health now, you must not take it for granted. You may need to take some action to keep yourself fit. Your good health today does not guarantee you will still be in good shape tomorrow.

I have a client who was a sportsman when he was in school and college. He is always proud to show me his sport achievements. However, he did not continue to keep himself in good health. He skipped his exercises and was under tremendous stress as the business grew.

The last time I visited him, he told me that he had failed the stress test for his heart. The cardiologist told him that he had a minor heart attack that went unnoticed. The doctor put him on medication and warned him not to do excessive work.

Therefore, it is important to realise that our health could change in an instant. We must never take wellness for granted. It is an ongoing commitment, a never-ending series of moment-by-moment healthy lifestyle choices.

The message is clear. Poor health cost you good money, earned and unearned, now and in the future.

Practising healthy lifestyle to keep your body fit is definitely one of the best wealth management practices.

By taking charge of our health today, we can proactively steer clear of the unhealthy lifestyle that guarantees a reduction in quality of life and erosion of wealth.

In our journey to pursue wealth for financial freedom, we must never exchange it with our health. Always remember to watch your stress level and do exercises more regularly.

Yap Ming Hui is the managing director of Whitman Independent Advisors Sdn Bhd, the first multi-client family office in Malaysia.

http://www.nst.com.my/Current_News/NST/Sunday/Focus/2223449/1