Your Financial Health Check

COVID-19 has had a widespread impact on our lives and exposed our vulnerabilities. It has left persons who had underlying conditions particularly susceptible to becoming ill.   It has also highlighted that many persons who thought they are financially secure truly are not. How financially healthy are you?  Do you need any ‘boosters’ to get you to your optimal financial health? First, let us start with you indicating your financial goals and how soon you would like to achieve these, by filling out the table below:

My Financial Goals:	I want to achieve my goals by:
1.
2.

 

Next, take this simple quiz for a financial checkup. 
Please answer the following questions below and allocate 10 points to each ‘yes statement’ and then write down your total score. 

Your Financial Health Check Statements	True	False
I have more than one source of income, so even if I lose my job, I will be able to keep my finances afloat over the short-term
I have a written monthly and annual budget
My annual expenses are less than my annual income
I have at least 3 - 6 months’ worth of emergency funds
My monthly debt is less than 45% of my monthly salary
I have a pension plan and I am contributing the maximum amount. This allows me to pay less income tax if I am earning over the income tax threshold.
I know the exact amount my goal/s will cost
I have a documented financial plan which shows whether I am on track or not with my goals
My money is invested across several assets, such as unit trusts, stocks, bonds, cash and real estate et al
If I have an emergency, like a car accident, sickness or a loved one dies, I have insurance to cover these expenses, so that I do not need to disturb my investments and will therefore still be on target with my goals
TOTAL

 

WHAT’S NEXT?
If you scored less than 80, on your financial checkup, you may be at risk for financial fallout. Leaving yourself financially exposed is like walking around without a mask in public, in the heights of the COVID-19 pandemic. Now maybe a good time to get a financial checkup with your JMMB financial specialist, who can ‘prescribe’ a plan that will help get you on course to good financial health. Do you need to start your emergency fund, get out of debt, build your portfolio, establish a pension plan, get insured, or get on track with your goals? Do you want to secure your financial future and achieve your financial dreams?  If yes, please call (876) 998-5662 for your financial checkup. 

Written by Michelle Sinclair-Doyley 

Manager, Group Financial Partnership Support & Financial Education, JMMB Group