Many people will outlive their savings because of not saving for the future. Sadly, many people are also going to run out of health before they run out of money. Here's how not to.
Most people are financially ill-equipped for older age and retirement because they haven't saved enough money.
As imperative as it is for people to save some of their income for future needs, it’s just as important for people to “save “some of their time for the future. Of central importance is the fact that “health capital” is the other side of the coin of time capital. Think about it. Investing approximately 10 percent of one’s income into a conservative financial portfolio will almost certainly ensure that one will have financial resources in the future. And so, too, will investing about 10 percent of one’s time into physical activity as simple as walking virtually guarantee that one will extend one’s health span. That is, allow for more quality—and almost certainly quantity—of time in the future. Practically speaking, most people are awake 16 hours a day.
Just as financial saving or investing requires several psychological factors beyond simply having some available money, investing time capital into one’s future requires the same mental components. They are delay of gratification, impulse control, sound reality testing, and commitment to a lifestyle that incorporates disciplined savings.
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