February 8, 2025

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Health's Like Heaven.

7 Financial ailments leading to failure | Berkeley Independent

It shouldn’t come as a surprise that your financial situation can have a ginormous impact on your health.

It affects your lifestyle, your care, your stress to just name a few things that affect your health. What’s really cool about this is that you can draw a lot of understanding since they share similar concepts. Just like you want to live a healthy life so you can make it to retirement, you also need to live a healthy financial life to make it there.

Just as there are many ailments, accidents and other unfortunate events that can harm your physical health, there are things that can harm your financial health as well.

Today I want to talk about 7 Financial Ailments that keep you from living financially healthy.

Procrastination: This is the biggest mistake of all. Putting off until tomorrow what you should have done yesterday. Just as untreated health ailments get worse, so do your financial ones.

Failure to plan: People don’t reach success by accident. If you aren’t establishing definite financial objectives and implementing a plan you are setting yourself up to fail. Just as you need to follow the correct steps to keep your body healthy, so do you with your finances.

Time value of money: Just as a virus can spread exponentially under the right circumstances, so too can your money. Compound interest is probably the single greatest financial discovery.

Taking unnecessary risks: Financial risk is a big one. People assume that in order to receive substantial growth they have to take substantial risk. This is simply not true. Just as there are medicines and vaccines to protect your health, there are also steps you can take to protect your financial health.

And I am not just talking about investment risk. You also need to protect yourself from insurance to avoid catastrophic losses. 

Letting spending run wild: Just as eating a poor diet consistently deteriorates your health, so does bad financial habits. In order for you to be healthy, you need to practice healthy financial living. Letting spending run wild and running up credit cards are huge mistakes.

Not utilizing tax laws: We all hear stories about how the rich avoid taxes. There are ways both ethically and morally correct to avoid paying taxes when planned correctly. It is highly imperative to study up on tax laws, or to see an expert who does have a clear understanding to minimize the fees you pay to the Government.

Failure to use professional advice: It is just as important to listen to use a professional in your finances as it is to listen to doctors to guide you on your health. We cannot become experts at everything, especially not when it comes to the intricacies of financial planning. Not even doctors work alone. Find a professional you trust who can coordinate with other experts to ensure you are always on the right track.

A family‘s financial health is something I take very seriously. Just as you take steps to protect your physical health, I beg of you to take steps to protect your financial help. 

Corey Greene is a financial representative with Modern Woodmen of America. Reach him at 843-203-8446 or [email protected]

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