FINANCIAL CHECK UP
What Is a Financial Checkup?
A financial checkup looks at the current state of your finances to determine what kind of shape they are in and whether you need to make any changes in how you’re handling them to stay on track.
When Do I Need a Financial Checkup?
Experts suggest conducting financial checkups on an annual or semi-annual basis or after major life events, such as a marriage, a major career change, divorce, birth, inheritance, or retirement. The more complex your financial life is, the more likely that you’ll benefit by engaging a financial planner or other experts to assist you.
After completing your checkup, you’ll want to begin implementing any changes you’ve decided to make as soon as practical. Then you’ll be able to relax until it’s time to do it all over again.
What Areas* does a Financial Checkup Cover?
- Review Your Life Changes
- Reconfirm Your Life and Financial Goals
- Determine Net Worth
- Review Cash Flow and Budgeting
- Assess Debt Usage and Abusage
- Verify your Credit Reports
- Investment Account Allocations
- Review Employee Benefits
- Assess Retirement or Financial Independence Feasibility
- Coordinate Other Savings Goals: Emergency Fund, Education, Travel, Etc.
- Address Risk Management & Review Coverages
- Evaluate Wills & Estate Plans
- Income and Other Taxes
* Not all areas will necessarily need to be reviewed.
The Vested Wealth process intersects across wealth, risk, cash flow, tax strategies, as well as philanthropy. Your sophisticated, customized plan is based on your goals and is regularly monitored to remain on track, especially when going through an impactful financial event.
Financial Well-Being Grade
A financial checkup should lead to an assessment of you/your family’s financial Well-being. The four elements of well-being are; 1) Feeling In Control; 2) Capacity to absorb a financial shock; 3) On track to meet your goals; and 4) being flexible to make choices.