Broker Check

 

Have You Checked Your Financial Vitals?

| February 03, 2020
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Have you ever wondered why the doctor has your “Vitals” checked at the beginning of every visit?  Well, let’s look at the definition of “Vitals.” Vital Signs are a group of four to six most important signs that indicate the status of the body’s vital (life-sustaining) functions.1.

I want to highlight the phrase “life-sustaining.” If your Vitals aren’t good, there is a good chance you need medical attention pretty quick. The same could be said for your finances. If your Financial Vitals aren’t good, there is a good chance your finances need attention pretty quick. So, what are these Financial Vitals?

You are going to love my answer…. It depends.

Starting out in life, it’s pretty easy identify your Financial Vitals. Do you have enough cash to pay your bills? Do you have stable income? Do you have good credit? Do you have emergency savings?

Then life happens. Your success grows, your family grows and your responsibilities grow both in number and size. Those basic Vitals still apply, but are they sufficient to sustain the success you have built?

The short answer is no. What if you get sued? Loose your livelihood? Your house burns down? You become disabled? You die? Your investments plummet?

And what about what you don’t know that you don’t know? Perhaps the most important Vital of all is to determine that you aren’t addicted to the DIY syndrome. Most people who become successful have street smarts. This means they have no problem keeping their Vitals healthy when they start out in life. The problem begins as their success outgrows their ability and the use of “Google” is no longer enough. There might be twelve different ways to skin that cat or they may not even know the right question to Google.  Or, they have to make a decision that would have ended in two zeros ten years ago and now ends in six or seven zeros and they can’t help but be emotional about a decision of this size.

Then… life happens again. You want to start enjoying what you have built. You want to focus on family and/or enjoying life. Your money is working for you…or is it? You got out of the driver’s seat, but you feel the need to reach for the wheel. You may be worried about the economy and your investments, living too long, spending too much, or getting sick. Maybe you’re worried about only one or two of those things. Maybe you are worried about none of those things. Maybe you are worried about your kids and their Financial Vitals.

The bottom line is you’re worried and worry = unhealthy. Why are you not giving yourself the freedom to live Life on purpose? Have all of your Vitals checked and quit worrying. Maybe you’ll found nothing.  Or maybe you will find something – but will be able to do something about it. Make 2020 the year you start living Life on purpose…rather than default!

 

  1. Wikipedia
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