How unbalanced is your wealth vs health scale, are you pushing yourself too hard for those extra dollars into your retirement nest-egg when you might not need to? A typical scenario is when clients come to us stressed and time-poor, myopically focussed on "saving for their retirement." without knowing their ideal number. Often, they feel they aren't getting enough time for regular exercise, leisure and a generally balanced lifestyle, which can lead to health issues down the track. Retirement planning and retirement coaching can help with this.
Scott's thoughts from his newsletter "Why is daddy crying in the shower?" 29/4/24 Barefoot Investor are: (my comments are bold)
You see, after a certain income level, the link between earning more money and improving your mental health is rubbery (at best). However, I've found the link between physical health and mental health is pretty much bang on. When I'm fitter, I'm happier and less stressed. I just feel better about myself, probably because I know I've earned it through hard work … each morning at 5am (referring to his current exercise regime and a bet he made with a mate)
And the research backs it up:
Yale and Oxford universities collected data on the physical behaviour and mental health of over 1.2 million people and showed that, while money may make them happy to a certain degree, exercise is far more beneficial for mental health than economic status.
Our role as fiduciary financial advisors is to help you optimise the time you spend working and the time you spend "living." We do this by showing many clients they often need less than they think to achieve financial independence and retire early or cut-back on work.
If you would like a copy of our "Can I Retire Early?" checklist, please email clientservice@providencegroup.com.au or book a free 15-minute call with me by clicking here to find out if you can fast-track your retirement.
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