Disclosures:

The opinions voiced in this show (program; podcast) are for general information only and are not intended to provide specific advice or recommendations for any individual. This material was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. All investing involves risk including loss of principal. No strategy assures success or protects against loss. LPL Financial and Desert Wealth Management do not provide tax or legal advice. Clients should consult with their personal tax and/or legal advisors regarding their circumstances. Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. Desert Wealth Management and LPL Financial are separate entities.

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Thanks for coming back to the show and for listening to today’s episode! We are going over different questions to ask yourself as you run a financial health diagnostic test on your life. This is the first step of working toward making 2024 your most financially healthy year yet! 

To find all my resource links, visit my LinkTree: https://linktr.ee/isabelleroethe 

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Financial health diagnostic test questions: 

1. What is your pre-tax salary? (before taxes and retirement savings are deducted) 
2. What is your household take-home income? (after taxes and retirement savings are deducted)
3. What are your current monthly household expenses (broken down between fixed bills and variable expense such as groceries, gas, etc.)
4. What are you spending on fun expenses? (eating out, shopping, trips, gifts, etc.) List the annual amount, the average monthly amount, and the categorized annual amount in different spending areas
5. What are your one-off annual expenses (insurance policies, property taxes, mortgage insurance, etc.)
6. What are your monthly health insurance costs? 
7. If on Medicare, what are your premiums and supplement costs?
8. What are your estimated annual medical expenses? (deductibles, coinsurance payments, co-pays, prescription expenses, etc.)
9. Review last year’s tax return information and review if your income or tax bracket has changed.
10. What are your current checking and savings account balances? (If you have a high yield savings account, review the current interest rate)
11. What are your investment account and health savings account balances?
12. What is the current percentage that you are contributing to your employer sponsored plan (your 401k, 403b, SIMPLE IRA, etc.) as well as how much is your employer matching? (if you are participating in an employer plan)
13. What is the current amount of money you are saving each month into investments or savings accounts (IRA accounts, Bank accounts, Health Savings Accounts, etc.) 
14. What is the current value of your home, car, or any other assets?
15. What is your current mortgage information? Review the original balance, original purchase year, current balance, monthly payment, term, and interest rate. Also review if the property taxes, homeowner’s insurance, or primary mortgage insurance is included in your mortgage monthly payment or billed separately.
16. What is your current car payment information? Review the original balance, original purchase year, current balance, monthly payment, term, and interest rate.
17. Do you have any other debts (credit cards, student loans, etc.)? Review the original balance, original purchase year, current balance, monthly payment, term, and interest rate.
18. Review your social security statements. 
19. Review your current life insurance information