Are You Better or Worse off Financially This Year?

One of the fun parts of being a financial planner is getting to discuss some of the money moves we’ve made in our household knowing clients and readers are going through similar things. In these Work Your Wealth episodes I'll be taking time to address how we approached the different money situations and the results of our decisions. Today I'm talking about some ways to evaluate how your financial health measures up to where it was a year ago.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

• Why the end of the year is my favorite time of year for clients
• Questions I get all the time as the year is closing out
• A way to gauge if you are better or worse off financially this year
• First step in measuring your financial progress
• The measurement to use when evaluating your financial health
• How to calculate your net worth
• A good way to evaluate your debt situation for the year
• The check you should be doing on your debt every January
• Why you should review your spending throughout the year
• How your savings goals play into your financial health
• Different savings vehicles you can utilize to grow your net worth
• A few things you should consider when talking about your retirement savings
• The role a change in income can play in figuring out if you’re financially better off this year
• How “lifestyle creep” could potentially hurt your financial health
• Here’s why employer benefits must be evaluated too each year
• Do you have the right insurance policies in place
• 6 questions you can ask yourself about your financial health

LINKS WE MENTIONED ON THE SHOW

• Abacus Wealth Partners
• Mary Beth

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