EXPERTS LANE n FINANCIAL HEALTH
Are You
FINANCIALLY
HEALTHY?
By Nesterine Blair, WFG Associate
5. Stay on track with retirement savings.
How much you will need will vary by
age and circumstance. Do the calcu-
lations and see how much you should
be setting aside.
6. Make sure your debt load is sustainable.
Ensure your expenses are less than
60% of your after-tax income. Set
aside 20% for wants and 20% for
debt repayment.
7. Don’t carry credit card or other high
interest rate debt. There’s typically
nothing good about credit card debt,
which often leaves you paying for
items long after you’ve used them up.
F
1. Spend less than you earn. This is
the foundation of your financial
health. You cannot get out of debt or
save for the future if all of your ex-
penses eat up your available income. 9. You’re appropriately insured. You
want to be properly protected
against financial shocks that could
wipe you out, including medical bills,
lawsuits, natural disasters, or the
death of a family member. Health
insurance is a must. If you have a ve-
hicle you need auto insurance with
liability. You likely need life insurance
too.
2. How much do you spend on coffee,
snacks, lunch, daily? Are you keep-
ing track of that amount? The month-
ly amount will sometimes surprise
you. If you have any questions or need help
with any of the above, please give me a
call at 321-438-6228 and let’s have a chat
and get you on track for GOOD FINAN-
CIAL HEALTH.
inancial health is a term used to
describe the state of one's person-
al financial situation. There are many
dimensions to financial health, in-
cluding the amount of savings you have,
how much you're putting away for retire-
ment and how much of your income you
are spending on fixed or non-discretionary
expenses. Most Americans have started
eating healthier more organic meals and
snacks along with exercising to improve
their physical health, but they haven’t con-
sidered their financial health. Ensuring
your finances are healthy will help alleviate
unnecessary stress and worry. • You can absorb a financial shock
• You're on track to meet your
financial goals
The concept of financial health also ac-
knowledges the forces beyond our con-
trol. Just as physical health is a combi-
nation of behavior, genes, and access to
good medical care, financial health is a
result of personal decisions and abilities,
in the economy and access to good, unbi-
ased financial services and advise. 3. Pay your bills on time. You manage
your cash flow and meet your regular
financial obligations. Missing pay-
ments could cost you money in late
fees, hurt your credit, and cause
stress.
Definitions of financial health typically
have three factors in common:
• You can manage your day-to-day
financial life
10
IBA Success Magazine
n
VOL 5, Issue 5
4. Create a “decent” emergency fund.
You should have at least six months
of expenses set aside, but starting
with a smaller goal of $1000 could
prevent you from a sudden setback
with financial shock.
Nesterine Blair, Broker
Blair Realty Group, Inc., 407-210-3944
[email protected]
www.BlairRealtyGroup.Com
“Our Experience Will Be
Your Best Investment.”
ADOBE
8. You have a good credit score. Good
credit is a safety net for when you
need it and some people treat credit
scores as a proxy for financial health.