There is no short term solution: Good health is built over a long period of time. When you give up on habits like smoking and drinking, exercise regularly, have a proper diet and lead a healthy lifestyle, you will witness the positive effects on your health over a long period of time. Good health cannot be obtained overnight, and you need to give yourself considerable time to see it happen. Similarly, building wealth also happens over the long term. Investing in equity gives the best returns over the long term, and this will happen only if you are not swayed by short term volatility and instabilities in the market. The money you earn can be built into a sizeable corpus only when you give it sufficient time to grow.
Discipline and regularity is of utmost importance: Most of us begin exercising or following a healthy diet ambitiously, only to give it up within a short span of time. Following a healthy lifestyle religiously under all circumstances is very important to remain healthy, and this is possible only if you have discipline and commitment. The same applies to building money as well. You cannot build your wealth if you are irregular in your saving and investment habits or if you do not maintain budgets regularly.
Investing time and money is of equal importance: When you wish to be healthy, you must invest sufficient time to exercise, go on walks and follow healthy diets. Most working professionals cite unavailability of time as the reason to remaining unhealthy. Spending money in the form of enrolling for gym classes or dance classes is also sometimes necessary; although you can remain healthy even without this if you have a good lifestyle. Investing money is of more importance when it comes to building wealth. With a plethora of investment products available today, it is very easy to get lost and make worthless investments. Invest in a good financial planner who will help you with your personal finances. Also invest in good books and attend programmes which help you build your wealth. All this also necessitates spending adequate time and energy.
Have a good mix of everything: You cannot achieve good health by doing only one activity - like eating healthy or working out. It requires a combination of several things like following a good diet, having a healthy lifestyle, getting sufficient sleep, being stress free, exercising regularly etc. Following only one of the above and not doing other things will not give you the desired results. Similarly, when you want to grow your money, you should have a healthy mix of investments in your portfolio like debt, equity, gold, real estate etc. It is important to have a balanced asset allocation in place, which suits your risk and return expectations.
The earlier you start, the better: We all know that it is never too late to start anything good. Nevertheless, the earlier you start working towards a healthy lifestyle, the better it is for you and the easier it is for you to reach your goal. In the same way, the earlier you begin saving and investing, the more you build your wealth, in a shorter span of time. Read our blog here on why it is better to start investing early in life.
Small mistakes prove to be costly: Both in getting good health as well as building wealth, you realise that small mistakes you commit regularly can balloon into big complications later on in life. Whether it is eating unhealthy food regularly or spending more than saving, you will realise that these stop you from reaching your goal. It is for this reason that both health and wealth are taken as priorities usually when it is too late and you do not see any other way out.
It is known that enjoying good health as well as building huge wealth leaves all of us energetic and fresh in the mind. So start today, and work towards building both a healthy and wealthy life. #gettingyourich