What do you call an investment that has no risk, requires little — if any — money to start, is available equally to the rich and poor, is proven to improve your career prospects… can generate hundreds of thousands of dollars in savings over a lifetime?
I call it good health.
Although you might view spending on your health as a necessary expense, I’d argue it’s an investment that will pay back dividends.
Health is one of the least talked about financial topics but arguably the most important.
Without good health, it doesn’t matter how much money you have in the bank because you won’t ever be able to enjoy it if you’re always sick.
According to The Wall Street Journal, the average individual will rack up $220,000 worth of health expenses in retirement.
It should come as no surprise, but getting old is not cheap.
There are, however, proven things you can do today that will help decrease your health costs tomorrow.
For instance, one study from the Johns Hopkins Bloomberg School of Public Health found that weight loss at any age leads to cost savings. The study found it costs people more when they’re overweight – especially as they age.
According to the study:
- A 20-year-old adult who goes from obese to overweight would save an average of $17,655 in direct medical costs and productivity losses over their lifetime. If that person went from obese to a healthy weight, the savings would jump to $28,020.
- If a 40-year-old adult goes from being obese to overweight, that person potentially can save an average of $18,262. If that person improves their health from obese to a healthy weight, an average savings of $31,447 in direct medical costs and productivity losses can follow.
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