A slightly different angle for this blog because one of the critical things that you really can't forget is that to thrive and be successful in building wealth and businesses, you have to be mentally and physically well.
I'm writing a letter to my sons, in which I try to teach them the important lesson that "your health is your wealth" and that it's not all about money. Based on what I'm saying much of the time, this sounds like a huge contradiction, but I wholeheartedly believe it.
I am writing to my three young sons, hoping they'll be reading this letter in about a decade.
This letter tells my boys about the importance of good health in addition to good financial practices.
To my boys,
I want to impart an important message today: Your health is your wealth.
I intend for you to read these letters when you're in high school, so I'm sure you've heard this saying by now. And though you may feel like you're invincible, I can guarantee that you won't feel like that forever. The older you get, the more you'll have to commit to maintaining your health to avoid the inexorable decline that happens to so many British and Americans in their 30s and 40s.
As I write this, it's 2024 and we're still reeling from the aftereffects of the Covid pandemic, which is still ongoing to a large extent. Inflation is high, globalization is fracturing, and we're flirting with a recession.
You won't remember this, but a nasty cold virus just worked its way through our family. You boys had it first, then I got it, and then your mom fell ill. Aside from when I got Covid this past summer, it's probably the sickest I've been in years. I decided to write this letter to drive home the fact that your health is your wealth.
Your health is your wealth.
By now, you're probably tired of my advice about investing. You're privileged to have a financially secure future. You've already got index funds in a brokerage account, happily compounding away in the market. You've already been exposed to the wonders of real estate investing, and I bet by now I've put you to work in some capacity to support that business.
But it's time you understand that all of that money is meaningless without good health.
Take any wealthy business mogul lying in a hospital bed with an incurable illness. They'd trade any amount of money just to be rid of their health problems.
It's amazing to see the variety of health my patients have at that age. Some of them have realized the importance of health and have taken action to invest in their physical wellbeing. These are the 70-year-olds that are spry and limber, both in body and mind. They walk with a sure step and speak glowingly of the regular exercise that is a part of their weekly routine.
These are the 70-year-olds who are obese or frail, with a recent history of heart attack, already on two blood thinners. Their lives have had more than their fair share of unhealthy food and inactivity. Their near future probably has that too-common combination of heart disease, high blood pressure, and likely premature death.
Don't judge the unhealthy.
I've realized that most people innately know that health is wealth. They know this truth even if someone is unhealthy due to poor diet and exercise choices. They know that working on their body and mind is the best investment they can make, but they can't invest.
Working out at the gym is challenging when you're already at work for 12 hours a day.
If you're like most people, with ample bills and no emergency fund, it can be hard to justify spending extra money on the gym or healthy food.
But if you have the blessing of sound financial planning and control over your busy schedule, it's time to start taking care of your body.
I'm at a health crossroads.
I turned 46 just a few months ago, so I'm right around the age when things start to break down. But unlike a car, where you can just switch out parts as they corrode and fail, your physical health isn't so simple. Good health in modern society requires both a general commitment to healthy living and specific preventative measures to prevent inexorable health decline.
Today, too much calorie-laden food is readily available through Deliveroo or Uber Eats. (In case Uber Eats isn't around anymore, it's a meal delivery service that grew out of a taxi company. They're not a profitable company at the moment, so who knows how much longer they'll survive.)
But make no mistake—your 30s and 40s are a crossroads, with a healthy lifestyle on one hand and poor health on the other. Although you might effortlessly stay healthy right now with the blessed metabolism of youth, it doesn't stay that way. I noticed things slowing down in my mid-twenties, with a noticeable difference in my 30s.
Sometimes, your wealth is your health.
It doesn't take financial wellbeing to be healthy, but it's certainly much more accessible to invest in your health if you've had financial success. I wrote an article a while ago about the benefits of organic food, including a 25% lower cancer risk. I also noted in that article that organic food can be 2-3 times as expensive as regular stuff.
Read more: Organic food and cancer risk
In my new commitment to a healthier lifestyle, I'm trying to stick to a routine and eat more protein. It's difficult for me to control my weight when most of my calories come from carbohydrates. But protein is expensive!
Studies support this and have found that pound for pound, sugar and fat are cheaper in our modern society than protein, fibre, and vitamins.
Your average American will struggle with financial health in their lifetime and may never have the financial security needed to buy organic food or try a high-protein diet. Heck, 50% of Americans have $500 or less in their emergency funds!
Financial security makes worrying about things like a healthy diet, exercise, or personal trainer easier.
So while wealth isn't necessary to have a healthy and active lifestyle, it certainly makes it much easier. So, take care of your financial goals as well as your health goals. They're tied together at the hip.
Read more: How to Save, Invest, and Become Rich.
Everyone's health is different.
Your mother's approach to health includes an exciting mix of intermittent fasting, coffee, peanut butter, and yoga. Honestly, it's not for me. I'm still figuring out the best holistic approach to my own health, but I'm zeroing in on some mix of weights and high protein.
In an ideal future, everyone would have a health app that gives personalized diet and exercise recommendations based ontheir unique genetic code. Artificial intelligence will probably help us achieve this.
But if we're not there yet by the time you read this letter, just know that everyone is different. Don't get frustrated if the exercise program that works for your best friend doesn't work for you. In my opinion, it's more important to have a general dedication to health and a willingness to use trial and error to find the best options for your life.
Personalized medicine
In the 2020s, we're struggling as a society with the growing medical evidence that different people are predisposed to everything from cancer to heart disease or diabetes. There's concern over translating this information to appropriate public health policies that avoid discrimination and bias. There's also strong evidence that social determinants of health include access to education, healthcare, and safe neighbourhoods. I'm not naive enough to think that we'll have solved for all these issues by the time you read this letter, but I hope we'll have made some progress towards a new age of personalized medicine.
Conclusion
If I've done my job right, you'll be blessed in your financial lives. Hopefully, you'll understand the intrinsic value of investing for the long term, building businesses, and using the skills you have learned.
But I hope you will also start to realize that your health is your wealth. It doesn't matter if you have millions in the bank without the physical fitness to enjoy the fruits of your labour. So please make healthy choices in your life. Exercise on a regular basis. Reduce your stress levels. Get enough sleep. Take care of your mental health. And take care of others, too, because having strong social networks is incredibly important to both your financial life and your general wellbeing.
I'm trying to do all this right now, and I hope to succeed. If I haven't by the time you read these letters, please give me a stern talking to.
All my Love,
Dad
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