5 questions to ask yourself about money

I get lotsa questions about saving money and (oddly enough) investing… even though I don’t give investment advice.

It happened again recently…

Someone asked me about how much moeny they should put into life insurance. It’s not a bad question but it occurred to me that this is a question people should already know…

But it’s not the client’s fault. It’s mine. I’m not doing a good enough job here for you.

It also got me thinking about questions everyone should be asking themselves (even Yours Unruly). So without further ado, here are 5 questions you should ask yourself before making any changes to your current financial plan:

1) How does your current budget, accounting, or money management system respond to sudden financial shocks (i.e. a spike in expenses or a drop in income)?

2) How much of your savings can you afford to risk (not how much you want to risk, but how much can you afford)? 0%? 10%? 20%? 50%? 100%?

3) How much more money do you need to save to compensate for inflation and investment losses over the next 30 years?

4) How much money can you afford to spend on a catastrophic emergency?

5) What is your plan if you’re forced into retirement?

THESE are the questions you may not know answers to (understandably). Which is why I do demos for people who are serious about making changes to their finances. It’s not a demo in the sense that it’s a thinly veiled sales pitch. It’s a live exploration into your personal finances… which does frighten some people.

This is why I say people who are still stuck reading popular finance blogs and who get distracted by the financial shnewz need not apply. It’s not that these people are bad people necessarily. It’s that they’re not (yet) serious about their own finances.

If ye be one of them, get thee behind me.

All others go here:

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David Lewis

This post brought to you by //The Rogue Agent//. David has been a life insurance agent, and worked with some of the oldest and most respected mutual life insurance companies in the U.S., since 2004. Learn more about him and his business, here.

This post brought to you by //The Rogue Agent//. David has been a life insurance agent, and worked with some of the oldest and most respected mutual life insurance companies in the U.S., since 2004. Learn more about him and his business, here.