Most people deal with their finances in compartments. They compartmentalize things. They look at their 401K, they’ll look at their savings and cash reserves.
Then they look at their employee benefits and maybe if they have a life insurance policy and once in a while they’ll think about their will or their estate planning.
What financial wellness does in a similar way, financial wellness is similar to your health.
You don’t just look at one aspect of your health, if you focus on your dieting, but you don’t focus on exercise or other aspects of your health doesn’t really work.
So the same thing applies with financial wellness it’s taking a more holistic approach instead of looking at things compartmentalized as each being separate.
It’s taking a broad view of connecting all of those things together, making sure that they’re all functioning properly with one another and that they’re all in line with what you’re trying to accomplish with what your goals and objectives are.
People generally don’t look at it that way and a financial wellness approach is different than what most advisors or most individuals do for the most part.
For more on financial wellness, read Using a Holistic Financial Wellness Approach (And What That Really Looks Like)