70 – Money – The Silent Killer
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In this episode Dr. Dave and Yoko teach you why not being responsible with money will cause stress in your life and ultimately will affect your health and relationships.
What is the silent killer?
Money! When you have stress over finances, it wreaks havoc over your entire body and can negatively affect relationships. People all over the world are plagued with financial problems.
Why devote an entire health show to money?
Money has the potential to completely mess us your health unless you have your finances in order!
8 Steps to Improving Your Finances
#1: Do not spend more than you make – It will catch up with you sooner or later. If you do not have the cash to pay for something, do not buy it. Always try to better yourself and improve your financial resources but do not go into debt for anything. The only possible exception would be the purchase of a primary home, but only if you can afford it. Only use credit cards if you have the ability to pay them off each month in FULL. The average American is in debt. Learning to live within your means will be instrumental in improving your financial situation.
“Don’t be tempted to keep up with the Jones’!”
#2: Pay off your debts – Make a list of all the debt that you have, smallest to largest. Start by paying off the smallest debt first. Then move on to paying off the next smallest debt you have and continue on. This process may take several years, but the ultimate goal is to eventually pay off all of your debt. How would it feel if you did not have debt? What could you accomplish?
#3: Create a budget – Figure out the total amount of your net income each month (what you bring home). Then make a list of your regular expenses such as mortgage, auto insurance, gas, food, electric, etc. Determine what/if any is left over. The remaining funds can be allocated to investments and savings.
#4: Have an emergency fund – Life happens! Have a cash emergency fund equivalent to six months of your income. An emergency fund will be useful in the event of situations such as illness or loss of a job. It may take some time to build your emergency fund however it is critical to financial stability.
#5: Set up a retirement plan – Compound interest is your friend! If you start early enough and participate in a 401K or IRA plan, it is possible to have a sizeable nest egg before retirement. However it’s never too late to start! Something is better than nothing.
#6: Find a good financial planner/advisor – Find a good fee-based financial planner to assist with your financial goals.
#7: Have a life insurance policy in place – It is wise to have a term life insurance policy in place long before retirement is considered. This will cover your burial expenses and alleviate some financial responsibility for your loved ones.
#8: Have a will or irrevocable trust in place – Only 30% of US adults have a will. Create one that is comprehensive and regularly update it. It is best to use a professional estate attorney but there are also many online resources that can get you started. Without a will in place, your estate (any property that you own) will be handled by a probate court and they will determine how your assets are allocated. Therefore it is better to have a will so that you have a say in how your assets are distributed.
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