Financial Health: The Heartbeat of Wellness

by | Jan 26, 2021 | Daily Money Management, Organization

Stethoscope next to calculator on top of financial papers.

Why is financial health so important? Well, financial health means different things to different people, depending on your circumstances. 

For example, it is so important to me, as a woman, to be financially independent. I am not certain I have fully flushed the emotional or psychological implications and reasoning out.  But I do know that it works for me. I like knowing that there is a direct correlation between how hard I work and what I have the ability to purchase and offer my two teen girls. In addition, I like knowing that I do not need to rely on anyone else for what I need, or want, or for the needs or wants of my girls. 

Long-term financial health means constantly reassessing and massaging your financial portfolio. I do not mean calling your wealth advisor and moving your stocks around — rather, I mean that every decade (at a minimum), and every life event, should be met with a full financial checkup. You need to assess: 

  • your spend
  • all of your accounts; 
  • your financial goals; 
  • earnings/income; 
  • your savings; and
  • your investments (short and long-term). 

You need to evaluate every recent transition and assess it in terms of your financial health. For example, did you have a child in the last few years? If you did, have you started college savings for that new child? Have you changed your beneficiaries? Have you adjusted your will, created trusts, etc…? Not all of this has to happen, but it all needs to be thought through and evaluated. 

The ways in which I’ve managed my financial health throughout the years are varied, however the underlying principles of how and why I save remain consistent. I have learned through trial and error that life events dictate necessary changes in your financial health, and although your overall strategies do not necessarily need to adjust, you will often need to make pivots and changes to accommodate life transitions.

If you want to learn more about mastering your financial health, please join us at our Webinar next Thursday, 2/10 at 7pm. Contact us for more information.