How Solid is Your Financial Foundation?

27 February 2024

What does the life of your dreams look like? Does your ‘dream life’ require that you achieve BIG financial goals? Your dream life can be likened to building a skyscraper that stands magnificently, but must also withstand natural disasters, including earthquakes and hurricanes, as well as other mishaps.

Picture a skyscraper soaring high in the sky, but lacking the necessary depth and strength at its foundation; eventually, it would falter and crumble, causing a catastrophe. Like the skyscraper your dream life needs to have a strong financial foundation so that it with withstand economic turbulences.

In the journey towards your dreams, it is crucial to build a foundation as robust as it is ambitious. Here, is a checklist to help you assess four (4) of the pillars needed for a firm foundation. Please rank each area from 1 to 10, with 10 indicating the highest priority, and your target score by the end of the year.

HOW FIRM IS YOUR FINANCIAL FOUNDATION?
Pillars Of Financial Foundation	Your Current Score	Your Target Score	JMMB Solutions To Help You
FIFINANCIAL EDUCATION How financially educated are you?			JMMB Solution: Visit our *JMMB’s Dollars and Good Sense blog* to access easy to understand financial education information.
BBUDGETING Do you budget consistently? Is your surplus greater than or equal to the amount you need to save/invest towards your financial goals?			JMMB Solution: Use JMMB’s Ez Access Account solely for the funds you want to use for your daily expense. Keep only the amount for your bills in this account, so it is harder to overrun your budget. Also, keep track of your expenditure using our JMMB App.
EEMERGENCY FUND Do you have 3 – 6 months of your expenses in a separate emergency fund account?			JMMB Solution: Use a JMMB Bonus Saver or Certificates of Deposit Accounts to establish your emergency fund, giving you the best of both worlds - easy access to your cash if needed, with attractive returns.
FIFINANCIAL PROTECTION Do you have sufficient insurance in case of an unforeseen event e.g. death, sickness or accident, without the need to rely primarily on a loan or deplete your investments?			JMMB Solution: JMMB Insurance Brokers can pair you with the right insurer with the best rates to help you protect yourself and your loved ones from unforeseen events.
TTOTAL

Based on your score, what are the areas that you need to improve? Please give us a call at (876) 998-5662, so we can help you get to your target score by the end of the year.

Written by: Michelle Sinclair-Doyley, Corporate Manager, Group Financial Partnership Support & Financial Education