Will You Experience A Smooth or Rough Financial Journey in 2022?
How has 2021 been for you? Do you want to enjoy a smoother financial journey next year? Below is a financial checklist, which will help you look at various aspects of your financial well-being so that you can perform equally well in each area of your life.
Here are the instructions that will help you reveal the status of your financial well-being, using the table below:
• Please rank how you are doing in each area from 1 to 10, where 10 represents excellence!
• So what are the areas that you need to work on, based on your score? JMMB has loan specials, investment offers and insurance solutions that may be perfect for helping you improve your financial well-being. Take a look at the JMMB solutions to get ideas on how to improve your financial well-being.
|
FINANCIAL WELL-BEING INDICATORS |
YOUR RANKING |
JMMB SOLUTIONS TO IMPROVE YOUR FINANCIAL WELL– BEING |
|
Financial Education |
Do you need easy to understand financial information? JMMB Solution: Visit our JMMB’s Dollars and Good Sense blog |
|
|
Budgeting |
Do you have surplus cash each month? JMMB Solution: Use JMMB’s Ez Access Account to make budgeting easier and schedule a goal planning conversation with your financial advisor to help you to make your money make even more money. |
|
|
Emergency Fund |
Your emergency fund should cover 3 – 6 months of your expenses. JMMB Solution: Use a JMMB Bonus Saver or Certificates of Deposit Accounts to establish your emergency fund. |
|
|
Goal Achievement |
You may need to invest or borrow a specific sum of money to accomplish a specific goal in your desired timeline. JMMB Solution: Have a FREE Goal Planning Conversation and design an investment portfolio tailored to your goals, or take a loan with affordable interest rates. |
|
|
Healthy Debt Management |
Determine your debt servicing ratio by calculating: (Total monthly loan repayment + Rent) ÷ Gross Salary JMMB Solution: If your debt serving ratio is more than 45% of your gross salary, consider a JMMB Debt consolidation loan using any of the following forms of security/guarantees: cash, bonds, stocks, unit trusts, property or motor vehicle. |
|
|
Adequate Debt Management |
Ensure your standard of living is not impacted by an unforeseen event e.g. death, which could result in you needing a high-interest loan in a hurry. 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. |
|
|
Retirement |
Will your pension in retirement be greater than my expenses? JMMB Solution: To ensure you are taken care of during your retirement, contribute the maximum of 20% of your income to the JMMB’s Retirement Solution |
A smother financial journey awaits you, please give us a call on (876) 998-5662, to let us help you improve your financial well-being.
Written by Michelle Sinclair-Doyley
Manager, Group Financial Partnership Support & Financial Education, JMMB Group