Free Resources - Financial Health Test

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July 3, 2009

Financial Health Test

I know the current value of my home, including the size of the mortgage and the amount of equity I've built.
True | False

I know the length of the mortgage-payment schedule and how much extra it would cost each month to pay down the mortgage in half the time. I also know the interest rate we are paying on the mortgage and if it is competitive in today's market.
True | False

I know how much life insurance I (and my spouse, if applicable) carry. I know how much cash value there is in the policy, and I know the rate of return my cash value is earning.
True | False

I know the details (including amount of coverage, cost, monthly or yearly payment, etc.) of all other insurance policies carried by myself (and my spouse, if applicable). This includes health, disability, term life, and so on.
True | False

I have reviewed my life insurance policy in the last 12 to 24 months to see if the price I am paying for it is still competitive in today's marketplace.
True | False

If I own my own home, I know what kind of homeowner's coverage I have and what the deductibles are. If I rent, I know the amount of renter's insurance I have and what its deductible is. In either case, in the event of a fire or other catastrophic loss, I know whether my insurance will reimburse me for the actual cash value of my property or the cost of replacing it at today's current values.
True | False

I have attempted to protect my family's nest egg from lawsuits by carrying an "umbrella" insurance policy that includes liability coverage.
True | False

I either prepared my own tax return this year or reviewed my tax situation with the person who prepared my return.
True | False

I know the location and amounts of all my or my family's investments, including cash in savings or money market accounts, CDs or saving bonds, stocks and bonds, real estate investments (deeds, mortgages, rental agreements, etc.), collectibles (valuation and where items are).
True | False

I know the annualized return generated by each of the above investments.
True | False

If I or my family owns a business, I know the current valuation of the business, including how much debt it currently carries and the value of its liquid assets.
True | False

I know the value, location, and performance of all my retirement accounts (and those of my spouse, if applicable), including IRAs, SEP-IRAs, Keoghs, and company pension plans.
True | False

I know the percentage of income I am putting away for retirement and what it's being invested in (and, if applicable, how much my spouse is putting away and what he is investing in).
True | False

I know if I (and my spouse, if applicable) am making the maximum allowable contribution to my retirement plan at work, whether my employer is making matching contributions, and what the vesting schedule is.
True | False

I know how much money I (and my spouse, if applicable) will be getting from Social Security and what my (and, if applicable, his) pension benefits will be.
True | False

I know whether my (and my spouse's, if applicable) income is protected should I (or my spouse) becomes disabled because I own disability insurance. In addition, I know what the exact coverage is, when the benefits would start, and whether the benefits would be taxable.
True | False

I (or my family) maintain a safety deposit box, know how to gain access to it, and have reviewed its contents within the last 12 months. If I have the only key, other family members know where to find it if something should happen to me.
True | False

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