Third Quarter Check-In

In the August 23rd Financial Fed Friday broadcast, we discussed the value of doing financial check-ins in order to gauge your progress towards your yearly financial goals.

The third quarter check-in involves creating a financial inventory checklist:

1. Determine your net worth.

Assets: don’t guess, get actual numbers and values: checking and savings accounts, retirement accounts, real estate, equities, valuable jewelry or artwork, and education accounts. Include your emergency fund. If you don’t have one, set one up ASAP.

Liabilities: don’t guess, get actual balances: credit cards, all loans (personal, auto, home equity, student, and other), and basic recurring living expenses including utilities and other recurring payments, and your rent or mortgage(s).

2. Check your credit score.

Review your credit report

Know your credit utilization (the ratio of outstanding credit card balances to card limits; or the amount of available credit you are using)

3. Review your short-term and long-term goals.

4. Conduct an insurance and tax review. Where are you over- or under-paying?

5. Conduct a career development assessment. If you don’t love your job and/or it’s not meeting your financial goals, consider finding a new role that better meets your financial and emotional needs including a sense of purpose and satisfaction.

Conducting a quarterly review helps you stay on track with your short- and long-term goals.

Moving forward into the fourth quarter, Affordable Benefits Solutions can help with:

Life planning: helping you imagine and prepare for life in retirement

Budgeting: determining retirement income needs and identifying sources of retirement income

Account management: IRA rollovers, Roth conversions, withdrawals and distributions

Portfolio management: investments, financial products, tax considerations

Give Affordable Benefits Solutions a call to get you on track for the fourth quarter and beyond!