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Financial health goes beyond numbers or how much money you have: it includes your relationships, decisions, and behaviors. Your physical and mental state and the factors present in your environment, directly and indirectly, influence your economy’s management.
Having good financial health means achieving well-being through good management of the personal, family, or business economy to face unforeseen events.
Joyce Marter, a licensed psychotherapist, entrepreneur, founder of Urban Balance, speaker, coach, consultant, and author, provides us with insight on this topic. She is an expert in the fields of mental and financial health due to her extensive repertoire of “Mindset Fix” trainings, lectures, coaching, consulting, digital courses, and books.
Factors Influencing Financial Health
What does it mean to be financially healthy?
While no number measures your financial health, you can look at the numbers in your financial life to assess where you are today. You can ensure great present and future peace of mind with good financial health.
On the other hand, poor financial health can be detrimental to your physical and mental health. Low credit scores and little or no savings can raise stress levels and cause emotional imbalance. Poor health puts you at not only risk but also those who depend on you.
If you want to work on improving your financial health, you can apply your good habits in some areas of your financial life,
Shift Your Financial Mindset to a Holistic View of Success, writes Marter in her book
Her book talks about how one cannot have a prosperous life without also enjoying good mental health. The pandemic has taught us a valuable lesson: physical health and mental health are inextricably linked. Putting off mental health care could have dire consequences for your personal relationships, career, and even your life. Low life satisfaction, increased stress, anxiety, and depression, and 16% of US suicides can be attributed to financial difficulties.
Not only material success but also mental and physical well-being, strong interpersonal connections, and a healthy work-life balance should be considered indicators of success. By recognizing the emotional and financial toll that both global events and your own life experiences have taken on you, you can finally put an end to the shaming and the pointing of fingers.
It’s Not About the Money, But About Your Financial Stability
For the sake of yourself and those around you, she hopes her book would help people take steps to strengthen financial situation. It is not an attempt to promote avarice, wastefulness, or an unhealthy obsession with wealth. It’s true that money can’t buy happiness, but when acquired and managed compassionately (i.e., without harming others), it can make it possible for people to be more giving, selfless, and progressive. Here, we’re discussing ways in which affluence can be put to use in nurturing one’s self, one’s community, and one’s environment.
The only thing you can buy with real value in this world is love. The way we think about money can be changed by becoming more involved in life and matching our special talents with a global need. We can weather economic storms and reap enormous financial rewards if we give it our all to contribute in ways that express our fullest potential.
One of the main motivations to work on your finances is protecting your physical and mental health. It is not a matter of income but of good management, that is, how you manage what you earn in an organized and responsible way to achieve a more peaceful life.
On the other hand, financial health should be discussed as a family so that decisions are guided toward the same objective. Small actions, such as stopping compulsive purchases or establishing an emergency fund, do not depend solely on the use of money but on correct advice that helps you generate better financial habits.