RESOLVE TO DO MORE

Assess your finances and calculate the potential

Experts agree that the best way to stick with a resolution is to make small, incremental changes. Start with this quiz to see where you weigh in on the financial wellness scale. Based on your answers, set a few achievable goals. Then get on the phone with your banker and start checking off that list, slowly and steadily.

 

Do you look in the financial rear-view mirror or out the windshield?

 

  1. Most of what I review are statements of what has already happened.
  2. I’m given a good mix of reports, and a few are projection-based.
  3. The data I receive on my finances always has some modeling, predictive or prescriptive element.

 

Does your CPA talk to other financial partners?

 

  1. Not likely, I keep my relationships (insurance, bank, wealth, investment and others) separate.
  2. Maybe, I try to keep them all informed as goals change or situations warrant.
  3. Yes, every one of my partners is aligned and communicating on a regular basis.

 

When was the last time you actually saw your banker?

 

  1. Never, we communicate via chat, email or phone (if we talk at all).
  2. Not sure, but it’s definitely been in the last 12 months.
  3. Within the last quarter, we meet regularly to discuss how hard my money is working for me.

 

Do you know what your bank fees are?

 

  1. I don’t, but I’m sure someone is monitoring that.
  2. I’m aware of some, but not all.
  3. Absolutely. I watch those line-items very carefully, and when changes are made, I ask questions.

 

How is that “big dream” coming along?

 

  1. Not well, but that’s okay. Dreams are for kids. I’m over it.
  2. Alright. I still think I can get there. It’s just harder than I’d imagined.
  3. Extremely well. I’m so close I can taste it!

 

If you answered mostly 1s, you may want to sit down with your spouse, business partner, financial analyst or personal banker (maybe all four!) to chart a new course.

 

If you answered mostly 2s, you are on your way to making your money work hard for you. Keep up the good work. You may want to consider setting a regular meeting with your banker to ensure you maintain this trajectory and set up a plan for taking it up a notch or two higher.

 

If you answered mostly 3s, you are living a financially healthy life. You have excellent relationships with your financial partners. Recommend them to your friends and colleagues. Too often, even high-worth individuals take a status-quo stance when it comes to their banking relationship. Tell them what they’re missing!​

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