Get the skinny on your financial ‘well being’ by taking the Summer Shape up Quiz.

 Quiz 

 

1.       I earn enough money each month to pay all my bills? Yes/No

 

2.       I have enough money saved to pay for emergency or unexpected costs?  Yes/No

 

3.       I have written financial goals?  Yes/No

 

4.       I have a written savings and spending strategy that I follow? Yes/No

 

5.       I know my net worth (what I own minus what I owe)? Yes/No

 

6.       I know where ALL my important financial documents are located? Yes/No

 

7.       I have a Will and Powers of Attorney in place? Yes/No

 

8.       I know where and how my money is invested and I meet with my advisor at least annually to review? Yes/No

 

9.       I have had my insurance needs reviewed within the last 2 years? Yes/No

 

10.   My mortgage and loan payments are less than 30% of my overall income? Yes/No

 Please give yourself one point for every yes answer and then add up all your points to see how you did.

 

 

If you want to manage your money better and didn’t fare so well on the quiz, don’t get discouraged. This is the time to make a new start.  Changing even a few of those ‘no’s’ to ’yes’s’ can make a real difference in your overall financial well-being.  Here are a few simple tips to get you started:

·         Educate yourself. There are many great websites and books available where you can find useful information depending on your needs.

 

·         Find a qualified financial adviser/coach. If you wanted to lose weight, you might hire a trainer or join a weight loss program. Well if you want to lose your debt or build up your savings, get a good financial advisor/money coach who can create a plan and support you along the way.

 

·         Stick to a plan. Why do diets fail? Because we do not stick with them. Make sure your financial goals/strategies are realistic and attainable. Most importantly, renew your commitment daily and follow through.

 

 Don’t worry if at first you find it a challenge to make sense of your financial health.  Like anything, it takes time. The most important thing is to just get started. Set some financial goals, follow a budget and save and you’ll be ahead of most.

 

 

This entry was posted on Friday, July 10th, 2009 at 9:55 pm and is filed under Debt Reductions, Financial Planning, Investing Advice, baby boomer women, emergency funds. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.