It’s Not Just Your Mind, Body & Soul

For many of us, our overall state of well-being is very much connected to our financial affairs

an IRA, Roth IRA, [etc.].

  • Savings and investments through a retirement plan at work — 401(k) or 403(b) plan if you are an employee, a defined-benefit plan, or SEP [simplified employee pension plan] if you are self-employed.
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    Step 6
    Get rid of your debts. According to a student loan agency, 78% of college students have credit cards with an average debt of $2,750.
    Adults do not fare any better. Experts say 70% of working Americans have no money left after paying basic expenses and bills each month. According to the Federal Reserve Board, adults save too little and spend too much, amassing about $9,000 in consumer debt per household. In addition to owning a home, they want the works — clothing, cars, the latest gadgets, and luxury vacations, even though they cannot afford them.
    As debt increases, so does your stress level. Under stress, your ability to handle a financial crisis is impacted and health problems can occur. These health problems can result in days lost from work, and affect job and income stability.

    From the book Mind, Body, Soul & Money: Putting Your Life in Balance by Carolle Jean-Murat, M.D., who is a member of the advisory board for the GE Center for Financial Learning (www.financiallearning.com). © 2002 All rights reserved. Reprinted by arrangement with Mosely Publishing Group. (Log on to blackenterprise.com/books.html to order a copy.)

     

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