Boulder City Magazine is a monthly publication full of information about Boulder City and Southern Nevada. Boulder City Magazine features the Boulder City Home Guide, a real estate guide to Boulder City and Southern Nevada.
Money Matters
by Fritz McDonald
Owner, McDonald Financial

Rx: Seven Steps to Financial Wellness



The goal of good health should be at the core of decisions you make about money. As any wise person will tell you, and many have, from the Roman poet Virgil to Gandhi, health is wealth. The irony is that the converse is also true – a growing body of research suggests that financial problems actually can lead to health problems. Financial stress has been shown to cause anxiety, migraines, sleep disorders and other physical ailments, including high blood pressure and heart disease. Additionally, many Americans resort to binge eating as a coping mechanism for financial stress. This can have additional long-term negative effects on the body. And it’s not a rare occurrence. A 2015 survey showed that 72 percent of Americans reported feeling stressed about money at least some time during the past month.

Financial experts often suggest taking a direct approach to analyzing your relationship with money so that you can manage financial stress. Some recommend taking one or more of the following steps that can help lead to financial wellness.

  1. Understand the role of good health in your life – money is never a substitute.

  2. Prioritize your savings and control your spending – Warren Buffett said it best, “Do not save what is left after spending, but spend what is left after saving.”

  3. Create a budget – You cannot manage your finances without a plan.

  4. Plan for life events – Experts suggest setting aside specific “buckets” for near-term emergencies, education and long-term retirement.

  5. Locate a trusted source for advice – This could be a colleague at work, an investment professional or a close relative who is sensible about money.

  6. Participate – Get the most out of the benefit programs you’re offered at work.

  7. Choose investments carefully – Select “sleep well” investments that don’t cause anxiety.

To learn more about this and other Money Matters articles, contact Fritz at (702) 293.0880 or McDonaldFinancial.org.




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