It’s time for you to get on the road to financial wellness and achieve your life and financial goals.
What is Financial Wellness?
Financial wellness is about your health and wealth. It’s about the overall quality of the life you’re living.
Let’s define the words financial and wellness. The word “financial” relates to finances having synonyms: money, banking, and investments. “Wellness” is defined as being in the state of good health as an actively pursued goal. A New York Times article explained the word wellness emerged in 1650 as the opposite of illness. Wellness described a healthy state of living one achieved “without simply avoiding sickness.”
We define financial wellness as the active pursuit of healthy living through financial knowledge, planning, and goal-setting to live your best life.
Steps to Achieve Financial Wellness
While on the road to financial wellness, you’re involved in the process of learning and growing. You’re improving your relationship with money and credit, gaining money management skills, prioritizing savings, and making mindful spending decisions.
The goal is to achieve financial well-being – a state of healthy living – where you experience less stress related to money. Outlook in life is positive. Satisfaction is high. You feel well about where you are and where you’re headed.
The steps to achieving financial wellness require:
- Active pursuit of financial knowledge. Whether through formal education, workshops, reading books and learning by actively participating in groups, forums, reading blogs, and following experts on social media.
- Using the right products and services. Some products work for you while others work in the complete best interest of the provider.
- Access to experts and professionals to help you make complicated financial decisions. You do not have to manage your finances alone.
- Budgeting: aligning your money to save for future expenses while spending on things that add value to your life today.
- Income growth: earning more at work, making money with money, and using free time to create value that others are willing to pay for.
- Managing credit: less reliance on credit for living expenses and utilizing credit to build assets.
- Debt freedom: eliminating debt and reducing the number of work hours necessary to cover debt payments.