If you do a Google search for financial wellness, you will find many definitions or explanations. Financial wellness doesn’t have just one meaning because it means something different to each person. Financial wellness is a broad term that encompasses these key areas:
How you interact with your money determines how ‘financially well’ or ‘sick’ you are. Since the start of the COVID-19 pandemic, financial wellness has moved to one of the top concerns for many people, especially those unprepared for short-term cash needs. This period has allowed us to assess what we did wrong financially and what we have done right- both of which affect our financial well-being.
The Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. The CFPB financial well-being survey is an excellent place to start to check your financial wellness and see how you compare to other Americans. The website additionally provides resources to help you improve your financial health.
When it comes to financial wellness, two people with the same income can have differing financial wellness depending on their preferences or lack of a plan. After completing the CFBD survey, you have questions about improving your financial well-being or retirement goal setting, let’s get together soon.
Disclosure: This information is provided as general information and is not intended to be specific financial or tax guidance. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed.
Since 1987, I have built the Pam Group with particular expertise. Expertise in various trust planning concepts, advanced life insurance strategies, and annuity programs. They offer custom options for the growth, security, and control of our clients’ income no matter how long they live. In conclusion, Contact us today to schedule your first appointment.