How healthy are you financially?
Everyone is familiar with routine physical health check, Right! Typically performed once a year by your family physician which covers full physical examination, blood/fluid test, etc. Even medical insurance company covers all the expenses related to this check. Why do we do this for our entire family once every year? A simple reason would be to make sure our family is healthy. This is a pro-active step which we all take to ensure our families remain safe and any sign of illness can be tackled well ahead of time.
Similarly, we all should also be aware of our financial health check to ensure any weakness in our financial life can be tackled well ahead of time.
Financial Health Checklist
- Organize your finances
Make sure we understand our financial needs such as daily finances, preparing a monthly budget, have an understanding of our income and expenses on monthly basis. We should have a quick way of knowing following items regarding our finances:
- Life Insurance
- Will & Trust