Do you remember those SMART goals you set in January? June is a good time for your mid-year financial check-up. I’m taking a few hours this holiday to do mine. Here are some areas I will be reviewing. Join me.
1. Do you have a budget in place?
You need to know where your money is going. My budget has gone out the window so I need to track my expenses for June to get back on track.
2. Have you managed to reduce your debt?
If you haven’t, give this razor sharp focus. Debt that is too expensive or for the wrong reasons, can decimate your finances.
3. Do you have an Emergency Fund of 6-12 months of expenses?
You need it; things happen unexpectedly.
4. How are your investments doing?
Do you have equity funds? Shares? Inspite of inevitable volatility, plan to include stocks in your diversified investment portfolio.
Have you invested in interesting businesses? How are they doing? Are you getting adequate reporting or have they gone quiet?
Property? Are you getting decent rent or are they empty? Are they worth holding on to for the long haul or is it time to exit?
5. Have you made a will or established a trust?
If yes, when last did you review and up-date it to make sure it reflects new assets, beneficiaries or sold assets.
6. How is your retirement nest egg?
Are you building passive income so even when asleep, you receive interest, dividends, and rent?
7. Have you protected your assets with insurance?
Are your car, home, health and life insured? Call a leading insurance company on Thursday.
8. Remember you are your greatest asset; have you invested in YOU?
When last did you read a great book or attend a learning event to develop your skills and intellect? Try to fit in two before December 31st.
9. When was your last medical checkup?
Do you maintain a healthy diet and exercise regularly? Are you having fun? Are you generally enjoying your life or are you miserable? Reflect on your physical and mental health and see what needs to be done.
10. Are your relationships what they should be?
Do you need to deepen some? Shed some? Are you the relationship people should shed? Be the friend that you desire for yourself.
If you are not where you ought to be, no worries; you can get things back on track if you would only get started!
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