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We have an interesting guest post today from the folks at Tuck Sleep. They're devoted to improving sleep hygiene, health and wellness and discuss 3 ways a good night's sleep impacts your money. Check it out and let us know your thoughts in the comments.
We all know that health is important - whether that’s physical, mental or financial. In an economy that focuses on gigs and side hustles, the reality is that our financial well-being is often prioritized over physical and mental health.
What would you say if I told you that prioritizing your sleep could actually help you make more money?
Here are three ways that a good night’s sleep can help you help your finances.
A 2016 study found that lack of sleep caused the loss of $411 billion in productivity in the United States. It also found that a person who sleeps less than six hours a night on average has a 13 percent higher mortality risk than someone sleeping between seven and nine hours.
The National Health Society has linked chronic sleep deprivation to diseases and conditions such as obesity, heart disease, and diabetes. Much of the previously cited $411 billion in losses was due to inability to work due to illnesses caused by lack of sleep.
Staying out of the hospital and in the office is healthy for your checkbook too.
A 1996 American Sleep Disorders Association and Sleep Research Society Study found that cognitive performance was more affected by sleep deprivation than motor performance. However, the subjects of their study’s moods were “much more affected than either cognitive or motor performance.”
Studies since then have suggested the same thing. 84 percent of respondents to a Hult study called “The Wake Up Call” said that they felt more irritable due to lack of sleep. More than half of them noted "higher levels of stress, anxiety, and feelings of frustration” for the same reasons.
Your memory will also be better if you sleep well, even if you just take a midday nap. The University of California-Riverside, sleep researcher Sara C. Mednick found that a 60 to 90-minute nap improved memory test results just as well as a full night’s sleep did.
A 2005 study of medical residents found that sleep loss “amplifies the negative emotive effects of disruptive events while reducing the positive effect of goal-enhancing events.” Those disruptive events can be anything from a telephone call you aren’t expecting, to having a new project thrown at you during your workday. If that is frustrating, those negative emotions will stick around a lot longer than any positive feelings.
How does this translate to your finances? You are more likely to make a sound decision on a good night’s rest. If you’re contemplating a risky stock move, it might help to sleep on it.
All of that combined shows that if you get the recommended 7 to 9 hours of sleep, you’ll probably have better overall health. One of the perks of being physically, mentally and emotionally healthier is that when you are working, you’ll be significantly more productive. Raises, successful side ventures and logical stock investing are often the product of a good night’ sleep.