Financial Health Checkup
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Financial health helps one to meet the financial goals for current and future stage of their life and thus empowers an individual to financial freedom. A good financial health could also be for some investors a complete financial freedom- means never having to work for day to day survival, for other individuals it may mean paying debts earlier or avoiding bankruptcy. Your overall financial health is comprised of many such elements. From learning how to live within a budget, to building good credit, controlling debt-karz and excess spending, developing short and long-term financial goals, and learning to invest.
To establish all the above let us take quiz and you may be surprised to learn many thing about yourself in terms of finding how involved you are in your own& household financial activities.
Take the brief quiz below to get an idea of where you stand with your own financial health and pinpoint areas where you may need work on. Simply answer yes or no to the following questions, and keep track of your answers to determine your quiz results once completed. For every yes – 1 mark and for No- 0 marks.
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If 1-5 are true, then you are on track but need knowledge.
IF 5-9 are true, though on right track, you need to look into practical aspect of investment & a bit of tweaking with the help of professional advice.
If 8-11 are true then you are completely financially healthy, but may still need professional advice time to time and keep it up.!!
If all 12 right, you need not follow or read the article.
If none is true, then do not panic, but seek financial knowledge at the earliest. Run!!!!
A good strategy by itself does not ensure success. Success depends on how it is implemented!
Question 1 of 12
I have kept my documents like insurance policies, investments, house deed, fixed deposit receipt, mutual fund papers and my family in order and safely.
Question 2 of 12
I know the total value of my net worth–including my savings, investments, home, jewellery, land if any etc–updated on a quarterly basis?
Question 3 of 12
I have written/noted list of my monthly fixed and other expense?
Question 4 of 12
I always have a target limit in mind of what I can afford to spend on a daily basis, on personal shopping in malls, supermarket, grocery, drug store, take home lunch or dinner or general family dinning outside?
Question 5 of 12
I have at least one utility registered in my name and at least one credit card under my name alone–not as a joint account.
Question 6 of 12
I check my paying back ability with my family before every any major purchase, such as a car or home, festival shopping spree.
Question 7 of 12
I have closed all credit card accounts that I do not regularly use. And i pay my credit card bills regularly.
Question 8 of 12
I have consolidated the majority of my debt into just one or two payments a month with low interest rates.
Question 9 of 12
I have at tied up least three to six months worth of living expenses-in FD saved in case of an emergency.
Question 10 of 12
I have a percentage of my salary transferred to a long-term retirement or pension plan. (Either I do this myself or it is automatically deducted by my employer).
Question 11 of 12
I have established three short-term financial goals, such as saving for a car, vacation, Electronic item, Diwali festival or designer Sari or suit.
Question 12 of 12
I have established three long-term financial goals, such as saving for a down-payment on a home, investing for my child’s college education, or my retirement.