How healthy are your finances? An Article from Fin Fit Wealth Solutions

 

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When you’ve got concerns over your physical health you typically go see your doctor and they’ll organise a blood test for you, check your pulse and take your blood pressure reading. All this information gets collated and they’ll determine how “healthy” you are. If your doctor has concerns, they’ll prescribe a course of action for you to get you back to where you should be. They’ll then ask you to come back in a few weeks to check on your progress. That’s great, but have you ever thought of doing the same with your financial health? Most people go get this checked when there is a problem. Would you wait until you’re on your death bed before you go see your doctor? No, then why do it to your financial health?

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If you can answer, Yes, to following questions then you can consider yourself financially fit.

1. Do you have a budget and stick to it every month?

2. Do you track and record everything you spend during the month and compare it to your budget?

3. Do you have a system in place to make sure you save first and spend second?

4. Have you found all your lost Superannuation?

5. Have you consolidated all your Superannuation into the one fund?

6. Do you know what fees you are paying in your Superannuation and have you looked at ways to reduce them?

7. Have you invested your Superannuation according to tour tolerance to risk?

8. Have you nominated a beneficiary insider your Superannuation?

9. Have you considered whether you should be contributing more to your Superannuation other than what your employer is contributing?

10. Have you got enough insurance in place to make sure your family is financially protected if something happens to you?

11. Is the insurance you have in place adequate and will it actually pay out when you make a claim on it?

12. Have you considered the best place to fund your insurance premiums, i.e. either inside super or outside super, and the implications of this?

13. Do you have a Will and Powers of Attorney in place?

14. If you have kids, have you put something in place to look after them if you die?

15. Have you considered how you will fund your children’s education?

16. If you have home loan debt, do you review your loan regularly to make sure you have the best deal?

17. Have you worked out how long it will take to pay your home loan off?

18. Have you considered whether you can pay your home loan off quicker?

19. Do you have a plan in place to reduce the amount of tax you are paying, legally?

20. Do you diligently complete you tax return when it is due?

21. Do you meet with your accountant before the end of the tax year to look at ways to reduce the amount of tax you may have to pay?

22. Do you have realistic and achievable financial goals that you are 100% committed to?

23. Have you worked out the lifestyle you want when you want to stop work and how much this will cost?

24.  Do you have a plan to achieve your goals?

25. If you do have a plan, do you review it at least every six months?

Congratulations You Are Financially Fit

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Congratulations if you have all the above in place!! If you don’t you should seek advice from a Certified Financial Planner. When looking for a Financial Planner it is important to do your research. There are over 22,000 Financial Advisers in Australia. https://www.moneysmart.gov.au/investing/financial-advice/choosing-a-financial-adviser

You need to find a trusted financial adviser that work with you to develop a customised financial plan to be your financial coach and help you become Financially Fit!