COMMUNITY

Savingforcollege.com

Achieving financial wellness: 7 questions to ask
http://www.savingforcollege.com/articles/achieving-financial-wellness-7-questions-to-ask-1079

Posted: 2017-08-03

by Brooke Napiwocki, CFP, Financial Planner, Crescendo Wealth Management

What is Financial Wellness?

Financial Wellness parallels other areas of wellness such as emotional or physical. Before attempting to commit to our own health, we often begin with a "Reason Why"? This reason may have a deep personal meaning or may simply be a desire to get into shape, physically, emotionally or financially. The "reason why" becomes the catalyst that encourages us to achieve our goals. Using our "reason why" as a reminder during our daily wellness activities, drives us to run the extra mile, spend time meditating or save money for future expenses, like college. The "reason why" moves us onto the second stage of wellness that culminates in a well-executed plan. Itís common to see amazing physical wellness stories such as a woman who wants to be more active with her family. With this decision, she may take the initial step of getting into shape and use those initial steps to push her to achieve larger goals such training for a marathon. Taking the initial step toward financial wellness, such as starting to save for retirement or opening a 529 plan for your child, can lead to a more secure and successful financial relationship in the future.

The Wellness Process and our Financial Lives

Financial wellness starts by developing a healthy relationship with money and all areas of personal finance. You must understand why you are seeking financial wellness and the obstacles in your life that are preventing you from achieving this goal. My own personal reason for achieving financial wellness was a desire to avoid the financial anxiety I witnessed during my childhood. I have worked hard to achieve financial wellness and love educating others on how to take the first (and subsequent) steps. Not understanding your personal finances or worry regarding finances can create a barrier to truly owning your financial destiny. Ask yourself what may be holding you back financially. Reflect on the following questions to create an honest dialogue with yourself in order to begin your financial wellness journey.

  1. How do I think and feel about money?
  2. What are the financial lessons and beliefs I learned early on about money?
  3. How have these experiences impacted my current relationship with money?
  4. What financial fears do I have?
  5. What financial behaviors am I proud of and what am I most ashamed of?
  6. What would I like to achieve financially?
  7. What areas would I like to learn more about in regard to my personal finances?

Steps to achieve Financial Wellness:

Just like your fitness goals you must do the work to realize financial wellness. Be warned, there is not a magic pill or product that will instantly make your finances perfect. Rather, it is the process of getting yourself financially organized, understanding your familyís financial risks and then tackling your financial goals over time with financial planning. A good financial plan is a step by step action plan honoring your familyís values.

RELATED: 12 money rules to live by

What is Financial Wellness?

Financial Wellness parallels other areas of wellness such as emotional or physical. Before attempting to commit to our own health, we often begin with a "Reason Why"? This reason may have a deep personal meaning or may simply be a desire to get into shape, physically, emotionally or financially. The "reason why" becomes the catalyst that encourages us to achieve our goals. Using our "reason why" as a reminder during our daily wellness activities, drives us to run the extra mile, spend time meditating or save money for future expenses, like college. The "reason why" moves us onto the second stage of wellness that culminates in a well-executed plan. Itís common to see amazing physical wellness stories such as a woman who wants to be more active with her family. With this decision, she may take the initial step of getting into shape and use those initial steps to push her to achieve larger goals such training for a marathon. Taking the initial step toward financial wellness, such as starting to save for retirement or opening a 529 plan for your child, can lead to a more secure and successful financial relationship in the future.

The Wellness Process and our Financial Lives

Financial wellness starts by developing a healthy relationship with money and all areas of personal finance. You must understand why you are seeking financial wellness and the obstacles in your life that are preventing you from achieving this goal. My own personal reason for achieving financial wellness was a desire to avoid the financial anxiety I witnessed during my childhood. I have worked hard to achieve financial wellness and love educating others on how to take the first (and subsequent) steps. Not understanding your personal finances or worry regarding finances can create a barrier to truly owning your financial destiny. Ask yourself what may be holding you back financially. Reflect on the following questions to create an honest dialogue with yourself in order to begin your financial wellness journey.

  1. How do I think and feel about money?
  2. What are the financial lessons and beliefs I learned early on about money?
  3. How have these experiences impacted my current relationship with money?
  4. What financial fears do I have?
  5. What financial behaviors am I proud of and what am I most ashamed of?
  6. What would I like to achieve financially?
  7. What areas would I like to learn more about in regard to my personal finances?

Steps to achieve Financial Wellness:

Just like your fitness goals you must do the work to realize financial wellness. Be warned, there is not a magic pill or product that will instantly make your finances perfect. Rather, it is the process of getting yourself financially organized, understanding your familyís financial risks and then tackling your financial goals over time with financial planning. A good financial plan is a step by step action plan honoring your familyís values.

RELATED: 12 money rules to live by

 

Reset email successfully sent.
Please check your inbox.

Close
page loadtime mark

Advertisement


close