Your Money Scorecard
Every so often, it is important to take inventory of one's financial situation. In an effort to assist you, here is a survey of concerns that should be addressed. Please take a few moments to answer the following items and evaluate your results.
1. When it comes to money, have you ever asked yourself how much is enough? How much makes me comfortable, how much makes me successful, how much makes me affluent, and how much do I need to meet and achieve all my retirement income needs and wants?
I am confident I am saving enough money to achieve my retirement income needs.
Yes ___ No ___ Not sure ___
2. Have you ever thought, what would happen if you were injured or got seriously ill and could not work for an extended period of time? What would happen to all of your plans, how would you pay your bills, what would happen to your family, and your future?
I have taken steps to guarantee my income in case I can no longer work for an extended period of time due to sickness or injury.
Yes ___ No ___ Not sure ___
3. Do you ever feel helpless when you look at the volatility in the economy, and especially in the investment markets? Bull markets, Bear markets, Recession …. How do you cope? How can you have your circle of wealth grow, and how can you possibly protect it from disappearing?
My investment portfolios and retirement portfolios are performing adequately well.
Yes ___ No ___ Not sure ___
4. What are the correct investments to have in your investment portfolio and retirement accounts? How do you know when you should be invested in domestic large company stocks, when would it be better to be in foreign securities, when in bonds, what type of bonds, when in technology, or utilities? Are there investments that are not directly effected by the rise and fall of the US stock market?
I have a well diversified portfolio, including alternative investments that are non-correlated to my core investments to strive to reduce the risk of my overall investment portfolio.
Yes ___ No ___ Not sure ___
5. Who of us has a crystal ball? What would happen if the unthinkable happens? If you found out you only had a day to live, what would you do, who would you call and what would you say, and what would you do to protect and provide for your loved ones.
I am confident that I have a plan in place to cover all my debts and liabilities as well as replace a sufficient part of my income for my loved ones to continue to live the quality lifestyle I help provide if something should happen to me.
Yes ___ No ___ Not sure ___
6. The world continues to get more complex. Doesn't it seem there are more and more things that challenge you, your family, and your future? Do you sometimes fear that you might be forgetting to address some challenge that will make all your hard work and planning fall short of achieving what you want in life?
I am confident that I know how much money I need for the different major stages of my life, taking into account ongoing challenges like inflation, health care, investment volatility, emergency funds, taxes, and longevity.
Yes ___ No ___ Not sure ___
7. Have you ever thought how much planning and preparation, written notes and instructions, we make when going on a vacation, getting married, or having a meeting, and how little time and thought we put in our total financial planning process? When was the last time you took a comprehensive look at your financial journey?
I have a comprehensive, written plan that is periodically reviewed.
Yes ___ No ___ Not sure ___
8. What is the value of professional advice and service? Do you go to doctors for your health concerns? Do you use attorneys for your legal problems and questions? How can you eliminate personal emotion when you invest, and do you have expertise with all types of programs that can protect you and your family from financial risk?
I value and use professional advice.
Yes ___ No ___ Not sure ___
9. Have you ever thought about how all the financial tools, investment products, and the ever changing economical conditions present a need for using appropriate strategies that can best help you achieve what you want on your financial journey? Which tool to use, when to use what product to provides the benefit that may provide the results you are seeking?
I know what my investments do for me, why they are part of my portfolio, and how they help me achieve my goals.
Yes ___ No ___ Not sure ___
10. RISK is a four letter word. How have you dealt with risk so far? Have you accepted it? Have you transferred it? Have you increased it by your behavior or actions? Have you reduced it through specific planning and actions?
I have plans in place to fully protect my assets.
Yes ___ No ___ Not sure ___
The survey provided here is designed for you to stop and evaluate where you are at your stage of your financial journey. It is a step to determine if you need a new roadmap – a G.P.S system – to get you where you want to be. Take this survey as a starting point in determining where you are, so you can more successfully go where you want to go.
Scoring:
9 or more yes responses – you are doing well. Congratulations.
7-8 yes responses – you are doing pretty well. See if you can fulfill, understand, or complete the areas where you did not have a yes response.
5-6 yes responses – serious caution. You may have some omissions or weaknesses that could jeopardize your journey.
Below 5 – Take two aspirin and call me in the morning.
Jon "Kobo" Kehl
860-953-5546