Do you know what you spent last year on medications, doctor's visits, hospitals, and health care premiums?
According to recent data, the average household spent over $12,000 in 2021! That is insane, especially considering that in 1970 that number was just $393 for what are essentially the same services.
How can this be, and what can we do now that may save hundreds of thousands of dollars in the long run?
I just stumbled upon a potentially life-changing new documentary! I say “potentially”, because, while most people watching the film Stutz will instantly get its impact, change of any kind requires persistent practice on our part.
Regardless, the tools discussed in Stutz are worth a deeper look. They are easily applied to both daily life and fitness. One tool in particular is beneficial to all.
Health = Wealth
Get this: A paper published in the National Bureau of Economic Research was able to quantify the benefit of staying healthy. Not only do the healthy spend far less, but they earn on average 37% more annually and amass 65% more wealth at retirement.
Why is this important?
It’s important because we often feel guilty spending extra money on self-care, healthier food, or preventive care. We even delay warning signs.
Try quantifying a cost and opportunity cost to set yourself in order.
What do we currently spend on medications?
What might we have to spend on medications later if we continue to eat things that cause type 2 diabetes, obesity, heart disease, and chronic illness? COST AND OPPORTUNITY COST On average, we spend over $1,300 a year on medications. Add to that figure an average healthcare premium cost of over $5,500 in Ohio.
Then consider the opportunity cost of avoidable chronic or lifestyle related ailments, and it's easy to see how the healthy become more wealthy.
Not only are they able to work more and longer should they wish, but they are also saving an estimated $6,032 every year they avoid chronic illness. Simply put, what we do now pays dividends later! Here's how try it: Quantify the savings that can be achieved by goalsetting the removal of one medication, one illness, and one unexpected lost week of wages. Then add to that number $6000 for every year you can stay in the minority and avoid a new chronic illness.
Then use this number to drive your daily habit and decisions around diet and exercise. Since we are all driven far more by loss than gain, this should help you get to the gym!
An easy way to add to your motivation is to attend an exciting new class! Have you tried Hot HIIT Pilates yet?
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