Many of us remember the classic Star Trek mantra “live long and prosper,” which may be worth reflection as we enter the leisurely summer months. The keys to a longer and more prosperous life are often rooted in fundamentals that include both health and wealth.

Better Health, Better Wealth

Not surprisingly, physical, mental, and financial well-being are interconnected. Perhaps one of the simplest associations between health and wealth is the cost of maintaining unhealthy habits. Consider that kicking a $5 per day smoking habit would save $1,825 annually, which could accumulate to over $150,000 in 30 years at an annual rate of return of 6 percent. While we are fortunate in Canada to have a social system that supports healthcare costs, unlike the U.S., taxpayers still bear the burden. The latest reports suggest that chronic diseases, many preventable, account for more than $80 billion in annual healthcare costs in Canada.¹

However, the connections extend beyond the financial burden of unhealthy habits. Studies continue to show a strong correlation between physical fitness and financial fitness.² To some extent, this is because greater income and wealth provide resources to protect and improve health. Yet, it may go deeper than just resources. Accumulating wealth and improving health are guided by similar principles – both require consistency and discipline. Whether it’s saving and investing to grow a future nest egg or reshaping healthy habits through physical activity or better eating, consistency can pay dividends down the road. The benefits of these investments can compound over time. Often, people fail in their health and wealth goals because they succumb to immediate temptations rather than stay focused on longer-term objectives. As on expert notes, when it comes to health, “dollar-cost average your energy into healthful activities and the returns might surprise you.” The same can be said about investing.

The 100-Year-Old Marathoner: It’s Never Too Late to Start

Many of us spend the first 20 to 30 years of our working lives prioritizing wealth accumulation, often directing less of our attention to our health. However, the good news is that it’s never too late to shift focus. While starting to save for retirement at age 70 is never ideal, paying more attention to our health can begin at any age. There are inspiring examples: Richard Morgan, a 93-year-old, four-time rowing champion with the fitness level of a 40-year-old, didn’t begin exercise training until age 73. Feeling “somewhat at loose ends” in retirement, he started training after attending a rowing practice with his grandson.³ Similarly, the world’s oldest marathoner ran his last marathon at age 100 in Toronto, having taken up running at the ripe age of 89 to overcome grief.⁴ 

Better lifestyles choices are also linked to greater longevity. With the rising prevalence of diseases like obesity, Alzheimer’s and early-onset cancer, many studies suggest that basic lifestyle changes including exercise, healthy diet and adequate sleep may be keys to addressing their disproportional growth.

Indeed, adopting consistent and disciplined approaches – in both health and wealth management – can yield profound and far-reaching returns. It’s all good food for thought in t he pursuit of living long and prospering.

1. _{https://www150.statcan.gc.ca/n1/pub/82-003-x/82-003-x2020010-eng.htm}

2. _{https://internationalservices.hsbc.com/content/dam/hsbc/hsbcis/docs/reports/asia-wealth/hsbc-life-factor-study.pdf}

3. _{https://www.washingtonpost.com/wellness/2024/01/16/fitness-aging-richard-morgan/}

4. _{https://olympics.com/en/news/who-is-fauja-singh-oldest-indian-origin-british-marathon-runner}

5. _{https://www.goldmansachs.com/intelligence/pages/anti-obesity-drug-market.html}