Make Your Money Work for You
Humans are notoriously terrible at predicting what will make them happy.
"We expect the next car, the next house, or the next promotion to make us happy even though the last ones didn't and even though others keep telling us that the next ones won't," Harvard psychologist Dan Gilbert explains in his book Stumbling on Happiness.
Ask yourself this question...
If you got a $10,000 raise for the year, what would you do with it?
You might think that you'd only spend some of it. And you'd definitely save most of it.
The frank answer is that you'd spend every dollar.
We inflate our lifestyles to match our income. Look at star athletes who earn more in just one year than most of us make in a lifetime. Many of them make that kind of money for 10 years and still go broke after retiring from sports. Most people do the same thing, on a more mundane scale. It's a great way to go broke, instead of creating a stress-free retirement.
The first step is to curb your spending. Outside of a few things, spending rarely brings joy. Identify the things you truly enjoy spending money on and forget the rest.
For me, I don't hold back when spending on books or travel. It's different for each person.
But more than just spending money on stuff, I think everyone should start by socking away at least 10% of your annual income. Try to bump that up to 15% as you get comfortable with your new spending habits. Stick some of that money in a savings account for a rainy day and get some of your money really working for you through investing.
And now is a great time to get started...
According to my colleague Dan Ferris, a setup 50 years in the making is happening now. And if you're in the right type of assets, you'll not only protect yourself from inflation... but you could also see triple-digit gains this year.
Dan revealed all the details last week. If you missed it, click here to catch up.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
March 11, 2023
Reader question of the week...
Q: Olive oil? Check. Dark chocolate? Double check! Coffee? Love it, but it eats my guts. My father loved coffee but could not tolerate it either. He had what he called a "spastic colon." These days, it might be called irritable bowel syndrome, and I've got all the signs. For folks with such unfortunate GI tracts, it means frequent and infirm bowel movements. In fact, it leaves me tired and weak. So a few days ago, and with some resentment, I gave up my beloved coffee, antioxidants and all.
Any suggestions on how to get the benefit of coffee but without the GI troubles? – B.W.
A: The reason we love coffee is that it contains antioxidants. The main ones are hydrocinnamic acids and polyphenols. Caffeine is also a type of antioxidant.
What the antioxidants do well is fight off inflammation. You trigger chronic inflammation from a poor diet, meaning lots of processed foods. It also comes from a sedentary lifestyle.
Inflammation not only damages our cells, but over time, it causes diseases like heart disease, Alzheimer's, and Type 2 diabetes.
Coffee also may protect DNA directly. Damaged DNA can start dividing without end, leading to tumors. The exact way it happens still isn't clear, but some research suggests coffee stimulates an enzyme that fights DNA-damaging toxins.
A 2005 study found that Americans get the vast majority of their antioxidants from coffee. But not everyone wants to – or can – drink coffee. In your case, you can just get your antioxidants from other food sources.
Here are some of the other foods that can help you get your dose of antioxidants...
- Blackberries
- Blueberries
- Walnuts
- Dark chocolate (which you're already eating!)
- Cherries
- Artichokes
- Kale
That's just a small list.
So if you don't drink coffee, just add some antioxidant-packed foods to your diet.
There are also other ways to fight inflammation...
Over time, inflammation can develop from prolonged stress (in the form of anxiety, depression, anger, aggression, negativity, or fear). A 2018 study linked negative emotion with the presence of inflammatory cytokines in the blood samples of 220 adults who were tested over a two-week period.
Make your daily stress-relieving practices a priority. I enjoy using yoga (and other forms of exercise), short periods of mindful meditation (like sitting in bed for an extra 12 to 15 minutes doing Transcendental Meditation), and music to help boost my mood and relieve stress.
And, of course, regular exercise helps reduce inflammation. It reduces stress and helps maintain a healthy weight. And you don't need much... A 2015 study showed that just 20 minutes of moderate exercise (like walking) is enough to fight inflammation.
Keep sending your questions, comments, and suggestions our way. We read every e-mail... feedback@healthandwealthbulletin.com.
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