Meiz Majdoub: Financial Well-Being

 

Meiz Majdoub

 

Financial and Physical Well Being: 2019 Essentials

by Meiz Majdoub

 

2018 has come and gone, and we are now in 2019…What are we doing to plan for 2019?

  • Are you ready to take full control of your finances?
  • Do you want to feel good and enjoy your life?

Taking care of your finances is the first step to peace of mind and a stress-free life.

Many of us are no strangers to financial stress and feeling an uncomfortable level of stress over our household finances. That mental burden can hinder your performance at work, strain your relationships and threaten your physical health.

A certain amount of stress is important, for our fight-or-flight instincts, but once it goes beyond a certain point, it can be harmful.   Some of the health complications linked to stress can be life-threatening.

That’s why being smart with your money isn’t just about financial security, it’s also an important part of healthy living.

In order to get there, one must ask oneself a few pertinent and related questions:

  1. What vision do I have for the immediate future, in terms of Family Financial Security and Health?
    1. Consider getting sufficient Life & Critical Illness Insurance, perhaps a combination of term and permanent insurance. Providing for your family in the event of a Critical Illness or death is a common financial stressor.  Securing your family’s finances with life insurance and critical illness insurance may be just what you need to feel better.
  1. How is my budget for the year, and why do I need a budget?
    1. Budgets can be a bit overwhelming and are a bit like diets “they take the fun out of spending the way a diet can take the fun out of eating. Instead, go for a more realistic spending and savings plan, which helps you achieve your goals but still enjoy your money.
  1. How is my health, and how can I maintain a healthy body and a healthy mind?
    1. Stop losing sleep over money worries. The stress of looming debt isn’t exactly the stuff dreams are made of, and financial worries can keep you tossing and turning all night.  It takes a toll on your health because you’re not just emotionally exhausted, you’re also physically exhausted.” Alleviating stress helps you relax more easily, so you’re likely to get better-quality sleep, and avoid the weight gain and lowered immunity linked to sleep deprivation.  A good 7 hours of sleep is a must.
    2. Keep your heart healthy- The physical effects of financial stress can negatively affect your heart, too. The body releases cortisol in response to stress, which can increase both your heart rate and blood pressure. It’s no surprise, then, that heart attack rates spike during times of economic uncertainty. Building healthy savings, helps you ride out tougher economic times, shielding you from the stress that goes along with them.
    3. Manage your blood sugar- Cortisol naturally raises your blood sugar levels, and chronically high cortisol can make it harder to control your blood sugar. Managing financial stress can help you lower your cortisol and manage your blood sugar more easily, reducing your risk of complications now or in future.
    4. Lower your risk of depression and anxiety- Financial stressors don’t generally single handily cause mental illness, other risk factors, can play a significant role, but they can be the tipping point that triggers depression or anxiety. Struggling to meet your basic needs can worsen depression, and financial stress can also cause tension in your relationships, further straining your mental health. Good financial health can remove one source of tension.
  1. How much commitment do I need to get there? How do I plan?
    1. Actualizing your plan: One of the first things you need to do is to have a vision.  Be realistic and set a target that is doable and within your means.  Be modest and realistic.
    2. After you have set your vision, sit down and write down your budget line by line, naming items and cross checking with your income. Do take a look at your expenses in the last 3 months.
    3. Be sure to follow your budget, do not let distractions sway you…..be consistent.
    4. Take advantage of workplace benefits if you have benefits. Employers are increasingly offering financial education to their employees.  Ask if you can access financial consulting as part of your workplace health and benefits package.  This is through your Employee Assistance Program (EAP).
    5. Talk to an advisor- Planning for the future can be challenging, but remember that you don’t have to go through it alone. An advisor can help you put together a solid financial plan that suits your needs.
    6. Make a Will and have a Power of Attorney (POA) for Property and for Health in place. These are some of the basic things you need to relieve stress.  Everyone needs a Will and Power of Attorney.

 

About the writer

Meiz Majdoub, B.Comm, is a financial professional with over 30 years of experience and is accredited with a CLU, CH.F.C. He is also a member of the Conference for Advance Underwriters (CALU). and the Estate Planning Council Of Ottawa. He  has helped individuals, organizations and corporations attain their goals in the areas of Financial & Estate Planning, Insurance, Living Benefits and Employee/ Group Benefits. He can be reached at: 613-749-4007, or meiz@majdoub.com

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