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The Top 5 Health and Wealth Tips for 2023
1. Playing Offense
With the state of the current economy and with market volatility, it is easy to want to sit on the sidelines and cash out. However, markets may improve prior to the economy improving, so make sure that you have a portfolio that is ready to participate in that rebound, including assets that are not correlated to public securities.
Become the CEO of your own health. This means understanding what your biomarkers mean. When you get a blood test from your doctor, ask them what each of your results mean. For example, “Am I headed towards a disease or am I perfectly normal and healthy with my individual biomarkers?”
2. Think of Others
The current estate tax laws are going to sunset at the end of 2025. We have a couple years to take advantage of the current laws. This may apply to your wills, trusts, durable powers of attorney, and gifting strategies. So think of others and update your estate plans.
It is a proven fact that you become the average health of the 5 people that you surround yourself with the most. Not only should you try to surround yourself with people that have the same health goals as you do, but also try to be a positive impact to the 5 people that you surround yourself with most often - your family and your friends.
3. Take the Easy Win
When it comes to retirement savings, the easy win is to maximize your retirement plans through your employer, whether it be a 401(k), profit sharing, or even just individual IRA accounts. Pay yourself first and take advantage of those retirement savings accounts.
Eliminate processed food from your diet. Go to your pantry and clean out anything with an ingredients list. Stop buying processed foods from the center of the grocery store and shop on the outside isles where all of the vegetables and fruits are.
4. Gain Awareness
Let’s gain awareness of your spending. Take a look at your 2022 spending and project that forward into 2023. What is the reality? Anticipate any large expenses coming up this year. Pay off any high interest debt if you have any and try to pay yourself first with some savings.
Listen to podcasts and become a health and wellness information junkie. Find a podcast that is around your drive time and listen to it every single day.
5. Protect Yourself
From a financial standpoint, make sure that you have ample cash reserves and adequate insurance. If you are renting a home, get renter’s insurance and if you are a homeowner, get umbrella liability coverage. This is really cost-effective and can really protect you if you have serious liabilities.
Protect yourself from toxins. You want to protect yourself from the air you breathe, get an air purifier. Protect yourself from the water you drink. Get reverse osmosis and do not drink from plastic containers. With the food that you eat, eliminate processed food and try to eat organic as much as possible.
Health is Wealth - And So Much More
A thought-leader in the area of conscious financial planning, Seth helps people reframe their perspective of wealth beyond just the financial so that they can enjoy more balanced, impactful, and fulfilling lives. Click here for Seth's TEDtalk on the 11 Dimensions of Wealth - Wealth Redefined.
We hope these tips were informative and that you have a wonderful year ahead. If you have any questions, please reach out to us at missionwealth.com.
About the Speaker - Dr. Darshan Shah
Dr. Darshan Shah started his training at an accelerated MD program at the age of 15 at the University of Missouri and earned his medical degree at the age of 21, becoming one of the youngest doctors in the United States. After surgical training in central California, Dr. Shah then continued his training at the Mayo Clinic, one of the most prestigious medical institutes in the county. After earning his board certification, he went on to open medical/surgical centers throughout California, as well starting innovative tech companies, creating patented medical devices, as well as advising dozens of startups in medicine, finance, and tech. Dr. Shah's belief in continual education and self-improvement has earned him alumni status at Harvard Business School, Singularity University, and other prestigious institutions.
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