The Financial Fitness Challenge

Think of it as the stress test for your finances.  Just like the doctor, we are going to ask you some questions about your financial health.  Depending on your answers, we’ll direct you to targeted resources on the site so you can start improving your financial fitness today!

Budgeting

1. Could the money in your savings account pay for three months of your living expenses?
2. Have you created or reviewed your annual budget in the last three months?
3. Are your living expenses (including your mortgage) less than 45% of your total annual income?
4. Is the amount you owe on your mortgage less than three times your annual income?
5. Do you pay off the full balance on your credit cards every month?

Need help with managing your expenses & debt?  Check out our Budgeting posts.

Kids & Money

1. Do you know how you are going to pay for college for your children?
2. Do you talk to your kids about saving and investing?

Want financially fit kids?  Check out our Kids & Money posts.

Investing

1. Do you know the total value of all your investments?
2. Have you reviewed the performance of each of your investments in the last three months?
3. Do you know your current asset allocation?

If the last time you looked at your 401k was when you were 30, check out our Investing posts.

Retirement

1. What’s your NUMBER?  Do you know how much you will need to have in the bank to retire comfortably?
2. Are you contributing the maximum amount allowed to your employer plan?

Not sure what you’ll need in retirement?  Check out our Retirement posts.

Insurance

1. Will your current life insurance cover your mortgage, the kid’s college tuition and all living expenses for your spouse until retirement?
2. Do you have an umbrella insurance policy?
3. If you are self-employed, do you have disability insurance?
4. Do you know the average cost of nursing home care in your area?

Not sure if have the right insurance coverage?  Check out our Insurance posts.

Estate Planning

1. Do you have a will?
2. Do you have a durable power of attorney?
3. Have you updated your Estate Plan in the last three years?

Need more information on estate planning?  Check out our Estate Planning posts.

Taxes

1. Do you know what tax bracket you are in?

Want helpful tips to reducing your taxes?   Check out our Taxes posts.

There, that wasn’t so bad, was it?

If you answered Yes to 15 or more of these questions, you are a financial fitness guru.  Be sure to share your knowledge on the site!

Between 10 and 15 Yes answers – you are on your way to a healthier financial lifestyle.  Keep it up!  Be sure to focus on the areas that need extra work.

Less than 10  Yes answers – Don’t be a couch potato!  Work on one area at a time until you, too, are feeling Financially Fit After 40!

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