Financial Wholeness ChecklistFinancial Wholeness is when all aspects of your financial life are working togetherfor your greatest good, your biggest benefit, and your richest life.Budget Building: I have a written, and at least partially automated (transfers, savings, bill pay, etc.), personal budget.I have the necessary checking and savings accounts to support my budget.
1.Save Like a Squirrel: I have accumulated at least 3 months of my necessary, bare-bones expenses (Noodle Budget) for emergencies saved in an online-only savings account.
2.Dig Out of Debt: I am either debt free or I have a clear picture of who and what I owe and have written down the components of each debt (amt. owed, interest rates, due date, etc.). I’ve also identified and use a debt pay-down plan (e.g., snowball method), and use my bank’s online bill pay tool to (at least partially) automate payments.
3.Score High (Credit): I have requested and received a copy of my free FICO credit report and score within the last 12 months. I have a 740 FICO credit score or higher, or I’ve identified the factors that are impacting my score and have come up with a game plan to increase it to 740+.
4.Learn to Earn (Increase Income): I have identified ways I contribute value to my job and feel confident I can leverage them to ask for a raise or promotion. Or, I already have multiple streams of income and/or I know how to increase my income by monetizing my existing skill set and education. I have a plan of action if I want to make more money.
5.Invest Like an Insider (Retirement and Wealth): I have identified my retirement and wealth goals. I’ve created and implemented my investment plans with the help of my Human Resources representative, a certified financial planner, online tools, or by myself. I’m committed to consistent contributions toward investing. I’ve learned to largely leave my investments alone and give them the opportunity to grow. I put in place a clear investment plan for both retirement and wealth-building.
6.Get Good with Insurance: I know that I have adequate insurance coverage because I understand and have calculated my needs around health, life, disability, and property and casualty (e.g., home and auto) insurance.
7.Grow Richish (Increase Your Net Worth): I now how to calculate my net worth (what I own minus what I owe). I have a positive net worth and/or I know how to achieve, increase, and maintain a positive net worth. I have a net worth goal and have defined the specific actions I’m going to take each month to achieve my goal.
8.Pick Your Money Team (Financial Professionals): I found, vetted, and assembled a money team of financial professionals and accountability partners that will help me reach my financial goals (i.e., certified financial planner, insurance broker, estate planning attorney or certified public accountant, etc.).
9.Leave a Legacy (Estate Planning): I have identified and completed the applicable components of my estate plan(e.g., a will, trust, beneficiaries on my accounts, etc.) and have executed (signed) and funded it. This meansI have a plan for what will happen to my estate (cash, real estate, jewelry, and other assets) after I passno matter the size of my bank account and portfolio (i.e,. investments, home, stocks, bonds, etc.)
10.I am % financially whole!Share your score with me @thebudgetnista and use
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