financial fitness

The Importance of Men Managing Their Health While Building Wealth

Some men are becoming more aware of caring for their bodies by exercising and eating healthier meals, while others focus on building wealth. To have a balanced lifestyle, a person must plan for both physical and financial fitness. The everyday hustle and bustle of earning a living has its challenges in maintaining finances, spending, and a healthy routine. Most men don’t recognize this until they are 40 or older. They begin thinking about the future, their loved ones, saving, retirement, and paying off unnecessary debts.

Planning for the future not only focuses on the things listed above but also on setting up a will and/or a trust. If you have wealth, including investments, real estate properties, businesses, bank accounts, and other valuable assets, consider a living trust. You have the option of a revocable trust or an irrevocable trust. If you decide to set up a trust, do some research on the costs and what assets you can and cannot include. If you are unsure if you really need a trust fund for your beneficiaries, a licensed financial advisor or an attorney can be of assistance.

Five Benefits of a Living-Trust

  • Eliminates the need of going through probate
  • Provides a larger control of your personal assets
  • Flexibility to distribute funds and cash to beneficiaries
  • Saves you money and protects your property
  • Protection in the event you become disabled

Families members sometimes go to probate court in making claims on properties belonging to a loved one who passed away. This happens often when men don’t have a will or a trust fund set up in the event something happens to them. A trust can eliminate those reactions. As the grantor of a living trust, it makes you the trustee while you are living.

It gives control and flexibility to make modifications, if need be, or to add beneficiaries and charities. The trust saves you money and protects your properties and estate. You can use it for protection in the event you become incapacitated and can’t work. Life insurance policies and retirement accounts cannot be included in a trust.

Significance of Men’s Health and Financial Stability

Men’s health is significant both mentally and physically. They are less likely to receive regular checkups compared to women. Men, control your life and protect your mental and physical health by setting goals to care for the body and mind. How a person thinks is reflective in their lifestyle and the choices they make in life.

A former professional NFL player who has knowledge about getting physically fit faced some obstacles when he took control of finances and began getting financially fit. The hardest thing he had to do in life was to face the truth about his savings, bank accounts, and investments. He had to acknowledge what was hindering his greater financial success. The advice he gives to other men is to read reliable sources to learn the wisdom of handling your personal and business finances.

You are the man in charge of your health and finances. Take the wisdom of a former professional athlete and set goals for financial fitness and health fitness. It is going to be challenging, but with commitment and being truthful to yourself about your spending habits and mismanagement of finances, it can happen. You can live life in good health and wealth, relieving you of burdens and stress which contribute to illnesses, both mental and physical.

Reasons for Estate Planning

Middle-aged men and senior citizens with wealth should set up a living trust and/or a will for real situations and reasons. If you have children in previous marriages, a living trust and a will are beneficial to avoid probate and family feuds about who gets what after a loved one passes away. It reduces stress among family members.

The term living trust refers to a grantor who is alive. You as a grantor transfers your assets and real properties into a trust fund, including cash in banking accounts and real estate. During the lifetime of the grantor, he will remain as the trustee also in most situations.

Efficient financial and estate planning help men to reduce stress and stay focused on their health. They can make better decisions and maintain self-control in most areas of their lives. Learn more about living trusts by contacting a licensed financial planner or a business lawyer today. 

Image by Nattanan Kanchanaprat from Pixabay 

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