My name is Christine and I’m one of the coaches
at Wealth Enhancers. This week I’ll be talking to you about why
health and wealth are very much intertwined. So firstly, why am I so passionate about this
topic? Some of you may know I am a weight lifter
and I train in a club with a lot of young people and a lot of Gen Y and I’m not the
type of weight lifter that you know, pulls weights on the machines. I do the snatch and the clean and jerk which
are typically the movements that you see in the sport of weightlifting in the Olympics. I’m a, as I said, I’m a financial coach and
I’m very fortunate enough to work with a lot of our members and help them set some pretty
amazing ambitious life goals and see them progress along the way as well and often a
lot of the goals involve a lot of health goals too which is really important. So what do I actually see in my experience? So in the gym we are very fortunate enough
to often sit around and have a chat about a lot of different topics one including finances
and what’s been very startling for me is to see the trends between health and how someone
is going with their own well-being as well as their finances. Now, these members they might come in to the
gym every single day and do the work however they may also be struggling with other areas
like their, their weight or you know potentially other areas of their health, battling with
different sicknesses or things like gut issues and when we talk about finances what I actually
see is often, I actually see a very blasé attitude in these people when it comes to
to their finances. Often they may know that it’s important but
are too lazy to do anything about it. As an example they may delay doing their tax
return or they may have multiple superannuation funds and just shove it off and feel like
you know what, it’s not important. As a coach I, what I often see as well is
that a lot of members who mem- not a lot, but members who do struggle with their their
health they may be going through a tough time with their health, maybe having to see different
practitioners, seeing different specialists, might be battling with their their weight
or might be battling with a, an illness beyond their control often. If they’re not if they’re not focused on their
finances and motivated with their finances, you can actually have a big impact on it and
you know they may just put expenses on the credit cards without really thinking about
well how is gonna impact my you know my goals and my progress towards building wealth and
so as you can see, it is very much interrelated. There are trends that I have seen in the work
that I’ve done with members but also in the chats that I have with a lot of the people
that I train with. So what are my suggestions to get your health
and wealth in shape? Health no doubt is an investment, however
I must stress that it can also be a very bad investment if you don’t plan for it right. As you know it can be very costly and so ensuring
that you understand what the costs are is so important. You need to firstly figure out okay, so what
is my looking after me plan? Do I want to go to the gym? So I might need a gym membership. Do I want to see a PT you know two, three,
four times a week? Do I you know want to see the chiro, get massages
or see the physio? I might want to see a nutritionist and all
these costs can add up so if we get an understanding of well what is my looking after me plan,
how much does it cost? It’s the first step. Don’t forget you might also want to buy some
new gym gear as well. And so the next step is asking yourself okay,
so if these are my expenses, how does this fit into my budget? So this is actually assuming you have a budget
to begin with and if you don’t you can go to our website and download a budget template,
I’ll put a link in the comments of this as well. So having a look at how those expenses fit
into your budget. Is your budget in a shortfall? And if it is well you need to make some decisions
around certain expenses and it might be okay well I’m going to see the PT two times a week
instead of three. I might see the massage therapist once every
two months or I might say okay well you know what I’m just gonna have to sacrifice buying
some new gym gear, make do with what I have until my income increases. The third step is okay well despite fitting
all these expenses into your budget, great job, there is no doubt going to be other expenses
that might pop up along the way and as an example you might become very ill and then
you might have to see doctors, you might have to see a specialist or you know, you might
actually have to take some time off work and you might use all your sick leave and as a
result have no income. So it is so important that you also have an
emergency fund in place in case things don’t work out according to plan. At Wealth Enhancers we call it your get out
of jail account and these it’s purely for unexpected emergency expenses so it never
gets touched unless it’s a genuine emergency. We generally target about three month’s income
in that account so if you know things do happen to you, you don’t have to stress over where
am I going to get the money from? Because it’s in your emergency fund. You also need to have a think about there
are going to be some very serious illnesses that you might, you might have or you know
the worst case scenarios which we don’t really like to talk about so it’s very important
that you also get some insurances in place. As young people, the common mentality is that
you know what I’m young, I’m healthy, I don’t have any dependents, I don’t have a mortgage,
nothing’s gonna happen to me, it’s fine. But let’s face it, we all know someone that’s
been in that position and it’s impacted themselves, their friends, their fam, their family in
a way that they couldn’t even have imagined so getting some insurances in place is so
important because when that does happen to you, the most important thing is that you
are focusing on your health. Your family and friends can focus on how they
can help you rather than stressing over, oh shit, how am I going to get the money? Now all this is great but we need to remember
that we need to start taking action today because it’s all these little steps that add
up over the long term and without taking any action today you’re going to continue to have
a very big impact on your finances when your health isn’t going right and vice-versa. Thank you so much for joining me. I wanted to also let you guys know that we’re
also offering free one-hour financial kick-start sessions with either Rebecca or myself. Now this session is for people who are ready
to get started on their journey towards financial freedom so if this is you, go to our website
and book in a session. I’ll see you guys next time.