Posted By: CFP&WM On: Jan 5th, 2011 In: Money Matters

Do Your Finances Need a New Years Resolution?

Most New Year’s resolutions are often about exercising more and or eating better in order to lose weight or get fit. It is easy to jump on the scale and see we gained a few pounds, or that the belt needs to be let out two holes compared to last year and a change is in order.

For other parts of life, we know the areas of concern and what to do.

  • What do you do to stay healthy? You make good decisions about lifestyle and you get routine check ups from your doctor.
  • What do you do to prevent big auto repair bills? You get regular service and car tune ups from a reputable auto shop.
  • What do you do you prevent a big dental problem? You go for cleanings and a checkup from the dentist.

However, in some other areas, knowing what to do is not as straightforward. Many do not know the questions to ask, let alone the answers, such as:

  • Am I making the right financial decisions?”
  • How are we going to pay for the kids’ education?
  • Can we really afford that house?
  • Do I have too much or too little insurance?
  • Will we have saved enough to retire at age 65?
  • Is my asset allocation right for my situation?
  • How much risk is in my portfolio?

Many people have not thought about the financial questions that they should be pondering in order to make good financial decisions. How confident are you in your financial well being? A good place to start is to take the “Financial Fitness Survey.”

Topics in the survey include quality of life, retirement, investments, estate planning, risk mitigation, and other life events. When looking at the results of your survey, your areas of uncertainty will become clear. These topics may be areas where you could benefit from professional financial advice… just like medical advice from your doctor.

You can download the survey for free . There is one survey for those who are retired, and one for those who are working.

If you are going to make any New Year’s resolutions this year, take 10 minutes and answer the simple questions about your Financial Fitness and start to get Financially Fit For Life!

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