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Financial checkup: 10 questions to diagnose your financial health.
Dr. Tayo is in the House.
- A THREAD
Dr. Tayo is in the House.
- A THREAD
Q 1:
Do you possess any complex, rare, or valuable skill?
Do you possess any complex, rare, or valuable skill?
Q2: Do you ever earned an income (apart from your salary) from your skill or other abilities?
Q3. Do you save at least 20% of your monthly income?
Q4. Do you care about what people think of you?
This is important.
It is difficult to make important but difficult financial moves while fixated on other peoples' opinions.
This is important.
It is difficult to make important but difficult financial moves while fixated on other peoples' opinions.
Q5. Do you spend a significant portion of your income on things you WANT but don't NEED?
Q6. Have you saved 3 months of your expenses in a safe, liquid instrument?
Q7. Do you live below your means? Do the people around you think your income is lower than what you really make?
Q8. Have you taken the time to understand basic finance?
Money vs capital market, amortization, compound vs simple interest, diversification, investment models etc.
Money vs capital market, amortization, compound vs simple interest, diversification, investment models etc.
Q9. Do you have a WRITTEN short, medium, and long term plan for your future?
Q10a. Please go to Q10b if you don't have a family.
Do you have a will, life insurance, and education fund to protect your family?
Do you have a will, life insurance, and education fund to protect your family?
Q10b. For the young and restless.
Do you purposely set aside a portion of your income for "fun money"?
Do you purposely set aside a portion of your income for "fun money"?
Diagnostics:
0 -3: You haven't even started (YOU HAVE COVID-19).
4 - 5: You're on the right path but still have a long way to go (IT'S JUST THE COMMON COLD).
6 - 7: Good progress (JUST A HEADACHE)
8 - 10: You're a financial Ninja (YOU ARE HALE & HEARTY)
What is your diagnosis?
0 -3: You haven't even started (YOU HAVE COVID-19).
4 - 5: You're on the right path but still have a long way to go (IT'S JUST THE COMMON COLD).
6 - 7: Good progress (JUST A HEADACHE)
8 - 10: You're a financial Ninja (YOU ARE HALE & HEARTY)
What is your diagnosis?
If you need help making sense of this, please reach out to our financial counselors at hello@overwood.ng http://www.overwood.ng
