When Was Your Last Financial Checkup?

I am sure that you are quite familiar with the well-baby checkup, but I’d like to suggest considering the need for a review of your personal finances — or a financial checkup. A financial check up can ensure that your finances have a solid foundation and are within acceptable ranges. Ask yourself the following questions to help determine if the time has come for a financial checkup.

  • Do you have financial goals? If so, are they in writing and do they include deadlines?
  • Is your debt under control? Do you pay off your credit cards each month?
  • Have you reviewed your investment portfolio recently? Are you comfortable with the level of risk associated with your current investments?
  • Are you satisfied with the rate of return that your investments are generating?
  • Have you started a retirement fund? If so, will your current rate of savings provide an adequate fund to meet your future retirement needs?
  • Have you reviewed your tax situation recently to see if there are ways to reduce your tax liability?
  • Have you started a savings program to meet the cost requirements of your children’s college education? If so, will your current savings rate be adequate given the effects of inflation and rising tuition costs?
  • Have you reviewed your life insurance coverage recently? In the event of an untimely death, will your current policies provide adequately for your spouse and/or children?

If you are not satisfied with your answers to any of these questions, contact your financial advisor to schedule your check up.

– Timothy Wyman, CFP, JD

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