4 minute financial check-up that could increase your wealth! check your financial fitness

4 Minute Financial Check-up that could increase your wealth!

Check Your Financial Fitness


Our family has and uses a spending plan (budget)

1 point


We have a savings plan (emergency fund) that we

contribute to regularly.

1 point


We perform monthly checking account reconciliation

1 point


Annually we compare banking services by comparison shopping

1 point


We check our credit histories with each of the 3 major credit

bureaus annually

1 point


We closed credit card accounts we haven’t used in the past year

1 point


We take steps to eliminate junk mail, unsolicited credit card offers

and telemarketing calls

1 point


We pay off our credit card debt monthly

1 point


We continually look for the best APR (Annual Percentage Rate)

for future credit purchases

1 point


Our credit debt (except mortgage) is 15% or less of our

monthly take-home pay

1 point


We keep an updated inventory of personal property (written or

videotaped

1 point


We annually develop a net worth statement to determine our

progress toward financial goals

1 point


We have wills that have been written/updated within the past 5

years

1 point


We have updated living wills

1 point


We have a durable general power of attorney

1 point


We have a medical power of attorney

1 point


We collect and store important papers in a safe place

1 point


We review our annual Social Security Earnings and Benefits

statement for accuracy and use it in planning for our golden years

1 point


We set short term and long term financial goals and develop plans

to achieve them.

1 point


We receive less than $1,000 in Federal Income Tax refunds

1 point


We avoid using rapid refund (refund anticipation loans) to

receive our tax refund

1 point


We participate in our company retirement plans at least to the

maximum level that the company will match

1 point


We have read and understand how our company retirement

plans operate.

1 point


We apply for the Earned Income Tax Credit if we are eligible

1 point


We invest to achieve financial goals

1 point


We review and update our personal property insurance to make sure we have adequate

coverage

1 point


We review and update our liability insurance annually

1 point


We review and update our life insurance every few years

1 point


SCORING

• Less than 12 – check your pulse – your financial health is slowly fading

• 12-14 – a slow start but you can catch up

• 15-17 Your finances are the equivalent of the fitness status of a couch potato

• 18-21 You need to increase the intensity of your workouts to achieve financial fitness

• 22 and over – Congratulations you appear to

be financially fit!

4 minute financial check-up that could increase your wealth! check your financial fitness

Documents

minute financial checkup

point slide

financial fitness slide

long term financial

credit debt

credit card debt

credit histories

unsolicited credit card