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John W. Sleeting

Managing Partner – Family Office Services

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Karie M. OConnor,
CIMA®, CPFA®, AIFA®, QKA®

Director – Institutional Advisory Services

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Jeffrey P. DeHaan, CFP®

Managing Partner – Private Wealth Management

Financial Health Check Up

Greg Davis June 06, 2022

Similar to organizing an annual appointment with your doctor to ensure that you are physically healthy, a regular financial health check-up will help ensure that your financial health is strong.

The benefits of completing a “financial health check-up” are numerous, the most important is determining whether you are well positioned to meet both your short and long-term financial goals.  Other important areas to review on a consistent basis include your ability to cover your ongoing cash flow needs and how to protect you and your family financially in case of an emergency.

With the recent increased level of market volatility, reviewing your overall financial situation beyond simply the fluctuating values of your investment portfolios has possibly not been a top priority over the past several months, or may just seem simply overwhelming. To assist you, and simplify a process that can be complicated, we have created a 12-question check-up to help you assess your financial health.

Take a moment to answer the following yes/no questions.

To score:  Total the amount of “yes” answers.  A score of 10 or above is excellent and a score above 7 is very good.  Of course, when considering a “Financial Health Check-up,” is “very good” good enough? What can you do to improve your financial health?

To strengthen your score and increase the number of “yes” answers, here are several best practices and tools to consider.

By reviewing and consistently asking yourself these “financial health-related” questions, you may quickly recognize areas within your financial plan that need attention.  Consider some of the best practices, tactics and tools highlighted here in order to help improve your “financial fitness” score in the weeks and months ahead.

The advisory team at Clearwater Capital Partners addresses issues such as these on an ongoing basis for our clients through comprehensive planning discussions as well as financial modeling that we provide.   Quite often these discussions will require the expertise of other trusted advisors such as estate planning attorneys and accountants with the goal of meeting a specific planning need.

Greg Davis

disclosure

THIS COMMENTARY HAS BEEN PREPARED BY CLEARWATER CAPITAL PARTNERS. THE OPINIONS VOICED IN THIS MATERIAL ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE OR BE CONSTRUED AS PROVIDING LEGAL, ACCOUNTING, OR SPECIFIC INVESTMENT ADVICE OR RECOMMENDATIONS FOR ANY INDIVIDUAL. ALL ECONOMIC DATA IS DERIVED FROM PUBLIC SOURCES BELIEVED TO BE RELIABLE. TO DETERMINE WHICH INVESTMENTS MAY BE APPROPRIATE FOR YOU, PLEASE CONSULT WITH US PRIOR TO INVESTING. INVESTING INVOLVES RISK WHICH MAY INCLUDE LOSS OF PRINCIPAL.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, insurance products, or to adopt any investment strategy. The opinions expressed are as of the date of writing and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by Clearwater Capital Partners to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Investment involves risks. International investing involves additional risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. S&P 500 is a registered trademark of Standard & Poor’s Financial Services, a division of S&P Global (“S&P”)  DOW JONES, DJ, DJIA and DOW JONES INDUSTRIAL AVERAGE are registered trademarks of Dow Jones Trademark Holdings (“Dow Jones”). The two main risks related to fixed-income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments.

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