21-Questions to Help Gauge Your Current Financial Health

Many people, when thinking about their financial health, focus on one specific area such as whether they are earning enough income or investing enough.

However, our financial health comprises several areas. With your physical health, it is not possible to determine how well you are by just monitoring your blood pressure – many factors have to be considered. The same is true with your financial health.

Take a moment to contemplate these statements and questions:

1.       Financially, I am in a better position this year than I was last year. If not, what can I do differently?

2.       What are the 3 most important things I would like to achieve within the next 12 months? What is my plan for achieving this?

3.       What are the 3 most important things I would like to achieve within the next 5 Years? What is my plan for achieving this?

4.       What are the 3 most important things I would like to achieve before I retire? What is my plan for achieving this?

5.        I know the annual income I will require after I retire, and I’m currently working on a plan to attaining it. If not, what is standing in my way?

6.       If I lost my job today, how long could I comfortably survive before running out of money?

7.       On a scale from 1 to 5 (where 1 = strongly agree and 5 = strongly disagree), how strongly do you agree or disagree with the following statement: I have too much debt right now.

8.       On a scale from 1 to 5 (where 1 = strongly agree and 5 = strongly disagree), how strongly do you agree or disagree with the following statement: I am satisfied with my current spending habits.

9.       On a scale from 1 to 5 (where 1 = strongly agree and 5 = strongly disagree), how strongly do you agree or disagree with the following statement: I am financially prepared to handle a medical emergency should it occur to a member of my family within the next 6-months.

10.    On a scale from 1 to 5 (where 1 = strongly agree and 5 = strongly disagree), how strongly do you agree or disagree with the following statement: If something were to happen to me today, my family would be able to financially maintain their current standard of living.

11.    I am satisfied with the size and diversity of my current investment portfolio. If not, what challenges am I facing?

12.   I am satisfied with my current housing situation. If not, what plan do I have in place to change this?

13.   The largest financial mistake I made within the past 5-years was ______________________.

14.   What were the reasons behind my making my largest financial mistake?

15.   What is my worst financial habit?

16.   Am I able to change my bad financial habits? If yes, when will I do this?

17.   The best financial decision I made within the past 5-years was ________________________.

18.   What influenced my making this great decision?

19.   Do I currently have people or a person I can discuss money with and get useful feedback from?

20.   How much am I currently investing in my human capital? 

21.  Am I actively seeking to improve myself and increase my knowledge?

So, how do you feel about the state of your financial health? Maybe it’s time you took a deeper look into your current financial position by undergoing a financial check-up. Financial Check-Ups are a crucial component of a prudent financial plan. The assessment allows you to uncover issues in your strategies and gives you the chance to bring everything back on track. 

If you’d like to take the first step and undergo a 90-minute financial check-up with me, click HERE.

If, however, you would first like to have a discussion with me and find out more, book a free 30-minute ZOOM Financial Discovery call HERE.