Grading Your Financial Competency

Today’s Prep:

How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.

(Click the featured times below to jump forward in the episode)

Equipping Points:

Are you an “A” student or are you barely passing? Have you ever stopped to grade yourself on how well you are doing financially? Ask yourself how well you’re doing and if you need to meet with an advisor to help boost your grade.

For instance, do you know how much you actually have? From different investments to various assets and even 401(k) rollovers, maybe you don’t know what you have and where everything is. Then remember, it’s not only how much money you’ve saved, but how much do you spend? Do you know what your spending habits are now? How will these change in retirement? What kind of income streams will you have in retirement?

Are you aware of how much risk you have? What kind of risk are you exposed to? You might think you know, but talk about it with your advisor to make sure your risk tolerance and your actual risk match. When it comes to mutual funds, do you know what you’re paying in fees? Are you getting the appropriate level of value in exchange for those fees?

So how well did you do?

Listen to the full episode or click on the questions below to hear more about how you can improve your score.

0:57 – Do you know how much you actually have?

3:04 – Do you know how much you truly spend?

4:29 How much risk do you have?

5:58 – What are you paying in fees?

8:43 – Do you know what your income streams are going to look like in retirement?

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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