Are you financially well? Does your current financial situation give you a sense of joy and satisfaction or leave you stressed, worried, and sad? Most people go the extra mile to ensure their physical, mental, and social well-being but care little about their financial wellness. Research indicates that about 38% of the American population has less than $1,000 saved for emergencies. Without financial wellness, it is impossible to have the physical, psychological, and social well-being that you seek. In short, It ensures your holistic well-being and that is why you need GuardianWealth.
We have a financial wellness program that is aimed at increasing your financial learning and improving your relationship with money. Our financial wellness program is customizable to your current financial status, so as your financial status improves, your program evolves to suit your needs as well. In short, we run a comprehensive and tailored-made financial wellness program to meet the unique and specific needs of our customers. It is not a short-term solution but a life-long program that walks with you every step of your journey to financial wellness.
So, what is financial wellness? It is, as the name, suggests being financially “well”. It involves planning and implementing measures to ensure that you are financially secure, both for the present and the future. Financial wellness ensures peace of mind. Peace of mind knowing that you have enough money at hand to dig you out of any emergency. Peace of mind because you’ve been able to pay off all your loans and mortgages and are well on your way to achieving financial freedom.
How do you know you are enjoying financial wellness? Carefully consider and evaluate the following points. Be sincere as you go through them and if you fall short, don’t worry, we are here to assist you.
To achieve financial wellness, you need three key ingredients known as the three pillars of financial wellness. Let’s take a look at them.
The first one is financial literacy. Being financially literate means gathering the necessary knowledge and skills to make sound financial decisions leading to great financial wellness. This means you know how to draw a pocket-friendly budget that will not leave your finances in the red or have done enough research to understand when and how to invest your money. It also includes educating yourself on how to pay off loans and mortgages without the added stress that comes with it. Remember, stress can be caused by a lack of financial wellness. Being financially literate can help you to choose the right type of insurance policy which won’t burn a hole in your pocket. Having a great level of financial literacy helps you to avoid cases such as bad credit scores, scams, bankruptcy, and other pitfalls. Being financially literate leads to financial wellness.
The next pillar of financial wellness is financial capability. It is very similar to financial literacy, but not the same. While financial literacy deals with acquiring the necessary financial knowledge, financial capability includes access to financial institutions, programs, and markets. To attain financial wellness, you not only require the knowledge and the ability to act but the opportunity to act. This means there must be financial institutions and programs that are accessible, safe, trustworthy, appealing, economical, and easy-to-use. Financial Capability is made up of four sectors namely Knowledge, Action, Access, and Influences. These four factors contribute a great deal to your financial wellness if implemented holistically.
The four factors that constitute financial capability
All these four factors determine your financial capability and go a long way to ensure that you not only attain a great level of financial wellness but holistic wellbeing.
The third pillar is known as financial well-being. It may sound similar to financial wellness but they are different in meaning and purpose. Financial well-being is being financially secure both in the short and long term. It simply means you have enough money at hand that can cater to your immediate and future needs so you don’t have to worry about money. Financial well-being can lead to great financial wellness which in turn ensures less worry, more productivity, and less stress. Bad financial well-being may affect you physically and mentally causing loss of concentration at work, stress-related illnesses, and low productivity.
Having explored what financial wellness is and the three pillars of financial wellness. Let’s a look at what it means to be financially well.
Though it sounds very cliche, most people still don’t have control over their daily finances. They buy on impulse and take no record of their expenditure. They live on the spur of the moment and only come to a damning realization when the money is almost gone, leading to huge debts and bad credit scores. Financial wellness ensures you spend wisely and are in full control of your daily expenditure.
Financial wellness asks whether you’ve set enough money aside for emergencies and unforeseen circumstances. Life is full of uncertainties. It is heart-wrenching to see people who have worked hard all their life go through financial difficulties and have no substantial savings to support them. No one knows tomorrow, that’s why there is the need to set aside enough cash to see you through troubling times. Financial wellness helps you to be financially responsible so that you can save enough money to help yourself when unforeseen circumstances come.
Who wouldn’t love the idea of a debt-free life? Though many people dream and fantasize about it, not many have the willpower to resist the temptation to purchase items on credit. This behavior has led many to incur avoidable debts. Sometimes these debts can be so overwhelming, leading to stress and poor concentration at the workplace. With financial wellness, you can take control of your money by managing it well. It helps you live within your means, spending money only on what you can afford. Financial wellness means you can take a loan and not worry about paying it back because it has solid plans and strategies that can help you repay your loans without breaking a sweat. With financial wellness, you can finally live your dream of a debt-free life.
It is easy to breeze through life and not take retirement seriously when you are in your 30s and 40s, but immediately you hit 50, reality begins to dawn on you. That is when you begin to plan for retirement. It is one thing planning out and writing your savings and retirement goals and a different ball game when executing it. Though it looks easy and desirable, it requires hard work, self-control, and a high-level of discipline. This is why most people fail to meet their financial goals. However, with an excellent financial wellness program and self-discipline, you can meet your savings and retirement plans. A strong financial wellness program takes into account your income and financial needs and plans an effective way in which you can meet your financial goals. So, regardless of how much you earn monthly, a good financial wellness institution will help you save enough money for retirement so you won’t have to worry about your finances when you finally retire.
We all have dreams of enjoying life to the fullest and fulfilling our deepest desires. However, we are unable to achieve them because there is little or no money to fuel these passions. Even worse is when you can fuel these passions but you are not able to enjoy them because you have spent all your life savings in the pursuit of happiness. This occurs in the absence of a good financial wellness program. And may lead to worry and stress even amid your enjoyment. By subscribing to and strictly following an excellent financial program, you can sponsor your deepest passions and enjoy life.
Financial wellness is a great cushion against difficult times and a wise way to plan for the future. It ensures you have peace of mind in the present and are secured for the future. Be sure to enroll in our tailor-made financial wellness program to reap the full benefits of meeting all your goals and living life to the fullest.