Marguerita Cheng, CFP, founder and CEO of Blue Ocean Global Wealth, is a top Certified Financial Planner and personal finance expert who was recently a guest on “The Exit” podcast. It’s a podcast for entrepreneurs, and Cheng had plenty of advice for them, but she also talked about some things that can apply to everyone who wants to increase their wealth and improve their quality of life.
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Here are three ways a little self-care can lead to a lot of money.
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Consider Your Work-Life Balance
The podcast host noted a mantra that Cheng often cites: “So many people spend their health to gain wealth, and then they have to spend their wealth to regain their health.” Cheng explained that while she can’t take credit for that, she does live her life by it.
It’s tempting to work as hard as you possibly can to earn as much as you can, especially when you’re young. However, maintaining a work-life balance will avoid burnout and improve your quality of life.
In fact, according to LendingClub, mental burnout can even result in financial burnout, leading you to spend emotionally or neglect financial responsibilities. So practicing self-care and avoiding burnout can actually help your finances as well as your health in the end.
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Don’t Go It Alone
There are experts who can help you in your financial journey, so don’t be afraid to seek them out.
“You are an expert at what you know, and there are a lot of people who can and will help you along the way,” Cheng said. “I think people think that they — and particularly women — feel like … we need to know everything, and if we ask for help, it’s a sign of weakness.”
Consulting an advisor to help you reach your financial goals can make a lot of financial sense. According to Fidelity, financial advisors can help you create a personalized investment plan, identify opportunities to protect and grow your money, and much more.
There’s no need for you to educate yourself on the investing ecosystem if there are already people out there who know all about it. Just be sure that the financial investment you make in getting advice is offset by the value of the advice.
Give Yourself Permission To Quit
“There are times when we must persevere. But there’s other times when it’s okay to pivot or even quit,” Cheng said. “I’m just saying that you have to give yourself permission to try new things … and see if it works … If you give it your best effort, know that it’s okay to stop doing something and move on.”
While Cheng gives this advice primarily to entrepreneurs, individual investors can learn from it as well. When you try an investing strategy or asset allocation, don’t be afraid to replace it if it doesn’t work for you. Give it some time, but don’t fall for the “sunk cost fallacy” — hanging on to a money-losing investment because you’ve already made the investment in it.
Cheng’s advice applies to entrepreneurs and to financial planning, but it can be applied in other areas of life too. Self-care — balancing your needs with your wants and putting yourself first — is important for everyone.
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This article originally appeared on GOBankingRates.com: 3 Ways a Little Self-Care Can Lead to a Lot of Money, According to a Top CFP
