Jul 8, 201104:32 PMInvesting
Easy Ways to Check Your Financial Health
As we make the turn towards the second half of the year, it’s a good time to do a quick check up on where things stand in our lives financially. Here’s a couple quick and easy ways to do just that.
Typically, I would not recommend anything that encourages a “keep up with the Joneses” mentality as it typically serves no purpose other than unneeded anxiety, stress and poor decision-making both with our finances and our lives. That said, I was introduced to a new tool being offered by ING. “Compare Me” is a tool that asks you a few simple questions, none of which require you to reveal any personal information, and then walks you through how you compare to the rest of the respondents in areas such as total assets, retirement & college savings, mortgage, student loans, other debt and other similar lifestyle categories.
This is certainly nothing to obsess over, but can be used as a healthy reminder that maybe it’s time to ramp up your savings efforts if you’re a little behind or a nice reminder that your efforts are bearing fruit If you’re slightly ahead of the pack.
You can find this helpful tool at www.ingcompareme.com
Another great tool is www.creditkarma.com. This is a website owned by TransUnion, one of the three major credit bureaus. Credit Karma, if you can navigate clicking no on the many sales offers, will give you a complimentary credit score as well as a helpful credit simulator that allows you to see the impact various credit decisions, such as closing or opening an account, will have on your overall score. If you’re thinking of applying for credit of any kind, it’s a great place to stop and see where you stand.
Use these sites to help kick start your mid-year financial review and have a great week!
Chip Workman, CFP®
cworkman@taaginc.com
www.taaginc.com
