If you ask your friends the question, “What are the main keys to wealth?” you will most likely get a wide variety of answers. If your friends are not wealthy themselves, they might give you answers like, “Having good credit” or “Job jumping to increase your income.” But, if they actually have wealth themselves, then they might tell you to rid yourself of your debts or even to reduce the number of depretiating assets that you own.
As I continue to grow older and more mature, I am beginning to realize that there is another important factor in retaining your wealth, especially in your old age.
The Rising Cost of Health Insurance
With each passing year, the cost of health insurance continues to increase to greater heights than we have ever seen before. Instead of operations becoming more cost effective, they are actually increasing in price. In the same light, nursing homes and care centers seem to be popping up everywhere, offering their services to the sick and the elderly.
All of this care is certainly not cheap, and those that need it go bankrupt faster than you would ever think possible. But, with care costs of $70,000 a year (not counting the cost of clothing, medication, and food), it really isn’t a big surprise how fast the money can escape the grasp of those that need the care.
For this reason, the best way to retain your wealth today is to simply stay healthy. Obesity is ravaging our nation, causing sickness and disease to become a common theme from family to family. For those that do not take care of their bodies, the medical costs soon become a very overwhelming expense.
How to Avoid Healthcare costs
There are obviously some ailments that are simply unavoidable, but many of them can be controlled through two simple actions: exercise and food intake.
Most people know that they should be exercising for 30 minutes each day, but how many of them actually do? If I had to venture a guess, I would say that maybe 5% get an average of 30 minutes of exercise each day. Our bodies are meant to move and be active. If we are sedentary, ailments are sure to come our way. Maybe not right away, but they will certainly be coming.
As for food intake, there are a few basic rules of thumb. Basically, don’t go out to eat. What is advertised as healthy often is not. Secondly, do not buy frozen meals that can be quickly prepared in the microwave. They are often loaded with sodium, which is obviously not good for you to eat. Try to eat items that are as close to original as possible.
Combine this method with steady exercise and you are likely to live a long and healthy life with very few medical expenses. Not only will your pockets be full of cash, but you will be feeling great as well!