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Money Girl

267 MG How to Save Money by Getting Fit

Fit people earn more money and pay less for medical expenses and insurance. Here's what you can do.

Broadcast on:
09 May 2012
Audio Format:
other

Fit people earn more money and pay less for medical expenses and insurance. Here's what you can do.

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Contact us before canceling entire account to continue bill credits to credit, stop and balance and report finance agreements do. Hi everyone, thanks for downloading the Money Girl podcast. I'm Laura Adams, the author of Money Girl Smart Moves to Grow Rich. A lot of people mistakenly believe that getting fit will drain their finances, with the cost of gym memberships, personal trainers and equipment. Turns out, that's not true. In fact, I'm excited to have quick and dirty tips very own Ben Greenfield, AKA "Get Fit Guy" on the show today. Ben's got a brand new book called "Get Fit Guy's Guy to Achieving Your Ideal Body" that I hope you'll check out. Ben and I will show you how to get fit on a budget by adding exercise into your everyday routine. Plus, just in case you need a little more motivation, you'll find out how getting in shape can also be a huge boost to your financial health. Did you know that over 60% of the US population is either overweight or obese? Not only is this a serious health problem, but it's also wreaking havoc on our finances. You've probably heard of the Body Mass Index or BMI. This number is calculated using your weight and height and indicates whether you might be at risk for health problems. According to the Centers for Disease Control and Prevention, you're overweight if your BMI is 25 or higher, and you're considered obese when you top 30. I'll put a link to several online calculators in the transcript for this show, so you can find out your BMI, plus your ideal weight, your metabolic rate, and other important health data. Just visit the Money Girl section at QuickenDirtyTips.com and look for episode number 267. A study from 2010 by George Washington University found that being overweight is expensive, especially for women who will spend $4,700 per year on medical expenses and lost wages due to weight-related illnesses, and that's actually a conservative estimate. So the bad news is that being overweight can cost you your health and lots of money. But the good news is that you can save a boatload by improving your health through diet and exercise. Here are four ways that getting in shape saves money. Number one, lower insurance premiums. Insurance actuaries know that a high BMI increases your risk of disease and premature death. So being overweight translates into higher health and life insurance payments for individual policies, or for everyone in a group plan who must bear the burden of higher premiums. As your level of physical fitness improves, shop around for a less expensive health plan. Number two, wellness discounts and incentives. Many companies with group health plans now offer wellness incentives, like subsidizing gym memberships or making contributions to employees' health savings accounts, in exchange for taking annual screenings and participating in health coaching plans to stay healthy. Number three, fewer doctor visits and prescriptions. Even if you have good health insurance, frequent visits to the doctor and trips to the pharmacy add up. Some of that expense could be prevented by maintaining a healthy weight and lifestyle. Obese people pay 36% more in medical cost over their lifetime. Conditions like Type 2 diabetes, hypertension, high blood pressure, high cholesterol, and depression have all been linked to obesity. And the fourth way getting in shape saves money is less over-the-counter medicine. An article published by the British Journal of Sports Medicine found that frequent exercise reduces the chance of catching a common cold by 50%. That's half the tissues, cough drops, and bottles of night quill you end up buying if you're in shape. Perhaps the best part of being fit is that you can earn more money over your lifetime. Several studies suggest that regular exercise can make you more successful at your job and even command higher wages. A paper published in the Annals of Health Law found that obese people earn $1.42 less per hour, which could add up to a six-figure loss over a career. Losing weight and getting fit may be one of the easiest ways to save a pile of money over your lifetime and maybe even increase your income as well. In Colorado, our freedoms are everything. Gabe Evans would rip them away. Just like Lauren Bobert, he'd ban abortion without exceptions for rape or incest and overturn the right to marry for same-sex couples. Don't let him take our freedoms. Paid for by DCCC. www.dccc.org, not authorized by any candidate or candidate's committee. Now at T-Mobile, get four 5G phones on us and four lines for $25 a line per month when you switch with eligible traders, all on America's largest 5G network. Minimum of four lines for $25 per line per month without a paid discount using debit or bank account, $5 more per line without a pay plus taxes and fees and $10 device connection charge. Phones would be a 24-monthly bill credits for well-qualified customers. Contact us before canceling entire account to continue bill credits or credit, stop and balance on a required finance agreement to bill credits and if you pay off devices early. I love learning and anything that makes learning easier. If you're a parent and your child needs some homework help, then IXL is a right for your family. IXL is an online learning program for kids covering math, language arts, science and social studies. IXL has interactive practice problems for topics from pre-K to 12th grade and everything is organized by grade and subject. As kids practice, they get positive feedback, awards and explanations for wrong answers. IXL figures out what your kids need more help with and recommends more topics to practice. Their videos, lessons, sample problems and learning games too. One subscription to IXL gets you all subjects and all grade levels. Membership started just $9.95 a month. It's no wonder IXL is used in 95 of the top 100 school districts. I think the positive feedback that IXL gives is really crucial when it comes to learning. So make an impact on your child's learning. Get IXL now and money girl listeners can get an exclusive 20% off IXL membership when they sign up today at IXL.com/MoneyGirl. Visit IXL.com/MoneyGirl to get the most effective learning program out there at the best price. Now here's Ben with three easy ways to add exercise into your everyday routine. So first of all, you need to make exercise convenient. There's no reason to lose valuable time by driving to the gym, working out for an hour or sometimes more, stretching, showering and then driving home. Instead, you can get fit with just some quick and intense 10 minute body weight workouts that are spread throughout your day. And we'll put a link to some of those workouts in the show notes. It's pretty easy to take just a few exercises and string them together to create a very effective and short workout. Number two would be get on your feet. The simple act of just standing more can increase calorie burn and fat burn, improve important health markers and strengthen your tummy, butt, hips, thighs and calves. Even if you have to sit, for example, at work, try to at least stand up each hour and do a few jumping jacks or climb up and down the stairs. And number three would be to use motivation. Sometimes getting fit for the sake of fitness is just not enough. Use extrinsic motivation to inspire you to exercise consistently. Try signing up for a 5k run or a charity walk, start a personal fitness or a diet blog or use a smartphone app that lets you share your workouts and successes to Facebook or Twitter where your community of friends can help support your effort. I'll also put a link in the show notes to 10 more of my top exercise motivation tips. Thanks get fit guy. I appreciate you sharing those great tips. I'm going to start writing and recording podcast standing up. You'll find everything that Ben and I mentioned in the money girl section at quickanddirtytips.com. Just look for episode number 267 called how to save money by getting fit. While you're there, be sure to sign up for the free money girl newsletter, join the money girl Facebook page, follow on Twitter and submit your money question. I'm glad you're listening to change. That's all for now. Courtesy of money girl, your guide to a richer life. In Colorado, our freedoms are everything. Gabe Evans would rip them away. Just like Lauren Bobert, he'd ban abortion without exceptions for rape or incest and overturn the right to marry for same-sex couples. Don't let him take our freedoms. Paid for by DCCC, www.dccc.org, not authorized by any candidate or candidate's committee. H5N1 bird flu is spreading in some animals. If you work with poultry, dairy cows, wild animals, or with raw unpasteurized milk, wear protective gear and take precautions, cdc.gov/birdflu. A message from CDC. [BLANK_AUDIO]