There is a companion podcast for this post available. You can listen through the player above, or subscribe to our podcast on iTunes or Stitcher.
There’s a reason you hear so many comparisons made between the daily decision making around our personal health and our financial health.
In this episode, Chad shares about how a recent injury made him question how flexible we are in our financial life. Similar to questions discussed in his recent blog post, Why Financial Health Matters to Us, Chad and Mike explore these questions:
- How much wiggle room do you have when a uncertain “injury” pops up?
- Are you being intentional about saving the amount you really want to be saving?
Other Topics Discussed
- Why Financial Fitness is important?
- How and why financial planning is more important than monitoring your investments quarter to quarter.
- Behavioral aspects of financial planning – Managing the emotional decisions around uncertain decisions can be taxing. Applying discipline not only to investing but your overall strategy will be the difference for many.
- Simplification & Consolidation – a big picture view of how things are going. When things get to scattered and complex it takes time and manpower to judge a strategy’s effectiveness.
- High Correlation to long-term success when you have consistency in a plan. Have targets that continue moving you toward the goals/things you really want to do.
- Breakdown of the components used within Financial Fitness.
- Perspective as to how the bigger picture is working together. Examples:
- Are your withdrawals from savings being withdrawn in the most tax-efficient way?
- Are you saving enough now so you can retire in your 50s?
- Are you spending too much of your income and not saving for college in the way you’d hoped?
3 Questions Financial Fitness Analysis Helps to Answer
- Are you doing all you can opportunity wise in your financial picture?
- Do you know all the opportunities available to you or are you missing something?
- Are you avoiding big mistakes?
