Wealth care


Your financial well-being is as important as your physical well-being

By Elliot Chan, Opinions Editor
Formerly published in The Other Press. January 6, 2016

You may be spending money on gym memberships, organic health food, and high-performance active wear, but, while on pace to a healthier life, you are also wasting a lot of money on items that you probably don’t need. Running is good, but running out of money is scary. Two out of three people are constantly worried about money.

While buying healthy food is an investment in your prospective health, investment in your financial future is of equal importance. You cannot always anticipate what will happen in your life and what role finance will play in the sudden shift in lifestyle. A loss of employment, an illness, or an act of God may eat away at your savings or push you into debt.

Careless spending—like poor eating habits—comes back and bites you later on in life. We are constantly warned about why we should not consume crappy food. But when it comes to how people spend their money altogether, people tend to keep comments to themselves. In this society, we aren’t really allowed to criticize other people’s spending habits. If someone wants to buy video games instead of paying rent, you can’t stop them. They’ll get evicted, but it’s still their choice. There is no visible danger zone when it comes to money in this country, because at the end of the day Canada is built so that no human being will starve. When people receive money they are free to use it however they like.

Nevertheless, if you are smart, you would treat your money the way you would treat your own body. You care for it, you utilize it when you need to, and you get it to work for you. And, over time, you strengthen it so that it can take care of itself. The same way you exercise, you must do the same with your funds.

You get physical checkups from your doctor and you heed their warnings, and you must do the same with financial advisors. You don’t need to take all of their advice, just like how you don’t need to take all of your doctor’s advice, but a different perspective, perhaps encumbering, may be refreshing.

It’s time we start putting our money where it counts. We might need to change how we see our money. It’s not the key to fulfillment, but a necessity for survival. This way, as life progresses, we’ll have enough to spend on the stuff we need and plenty left over for the stuff we want.

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