Are you wealthy? Wealth is a subjective topic. The better question is, do you feel wealthy? Beyond earning a lot of money, people who consider themselves to be wealthy are comfortable financially, have a nice home and a car, strong relationships with friends and family, and are in good health. If you don’t feel wealthy, prioritize becoming financially independent and the rest will follow.
Financial stress can cause a lot of health problems. Psychological distress like anxiety and depression can lead to weight gain, heart issues, gastrointestinal problems, and insomnia. When you are stressed and depressed, you lose the desire to spend time with others. Over time, relationships will suffer. The first step to eliminating financial stress is to reduce debt so you don’t have to live check to check.
You don’t need to be a big money earner to become financially independent. No matter your income, if you can pay your bills and afford the things you need and want, you are on your way to realizing financial freedom. Once your debts are paid off and you are saving and investing on a regular basis, you will be financially independent. But first your assets must be greater than your liabilities. For example, you have a mortgage, but your credit card balances are low and paid off monthly.
On a scale of 1 to 10, with 1 being the lowest and 10 being the highest, how would you rank your current financial health? At Alloy Wealth Management, we help clients become financially independent and build wealth. If you ranked your finances anything other than a 10, call us. Remember, a high-income isn’t required for you to feel wealthy and it isn’t required to seek financial advice from a professional. Call 800-689-3935 to schedule an appointment with one of our fiduciaries. We will give you the knowledge and the guidance you need to grow a nest egg and become financially secure.