18 Questions Blog Series
At von Borstel & Associates, we ask our clients 18 critical questions. The answers to these questions determine how we partner with each client and manage their wealth. This week we’re talking about financial success!
Follow along with us through the 18 Questions Blog Series. You may be surprised by what you discover about yourself and your financial plan!
#9 Are You On Or Off Track For Financial Success?
What is financial success, and who defines it? I believe the answer is fluid and unique to you and your dreams. It’s a roadmap that needs to be crafted to guide you from your current position to where you want to be! So, using that information, we can build an equation to determine financial success:
(Wealth x Return) + (Contributions x Return) = Dreams + (Cost x Inflation)
That is to say – You will attain financial success when your wealth meets or exceeds your wants.
But, the real question is this; are you on track?
The best way to ensure success is to build a plan with your goals, and make sure you don’t forget inflation! We can measure your progress by asking four questions.
Do you have six months of cash flow in emergency funds?
Can you meet financial goals with less than 3% of your financial wealth?
Do you have five years of expenses saved in conservative assets?
Do you have zero debt?
Can you answer these four questions?
Whether thinking about retirement or already retired, it’s never too late to check your financial health!
Investment advisory services offered through von Borstel & Associates, Inc., an SEC Registered Investment Advisor.