Do I Need Financial Coaching?
Here are some questions to ask yourself to see if Financial Fitness with Drew is right for you -
Are you struggling with debt?
Are you living paycheck to paycheck? Do you feel overwhelmed by monthly expenses? Are you scared of being stuck in debt forever? Do you feel like you are financially drowning?
Do you know your net worth?
Your net worth can be easily calculated by adding up all of your assets (cash, house, retirement accounts, cars, etc.) and subtracting what you owe (student loans, mortgage, car lease/payments, etc.). Do you know where you stand and do you feel good about that number?
Do you know how much money you spend every month and are you living inside your means?
How much is left over every month to do things like build up your retirement, save for a down payment on a house, prepare for kids' college, knock out debts? Do you wish it was more?
How do you feel when your neighbor purchases a new car?
Do you feel happy for them? Do you feel jealous? Does it make you want one, too? Do you feel pressure to "keep up with the Joneses"? Are you over-purchasing to impress others? Do you feel addicted to the instant gratification of buying things?
Do you know how to start investing for retirement?
Do you know which options are available to you - SEP IRAs, 401ks, Roth IRAs, 403bs - and do you know which ones are right for you?
Do you know what compound interest is?
Are you using it to your financial future's advantage? Are you invested? Does investing intimidate you? Are you putting money aside each month or year for your future?
Do you want to increase your income?
Do you have ideas for how to do this but don't know how to capitalize on them? Have you started a new business and need help valuing your services and your time, planning for taxes, setting up the correct business accounts and being "legit"?
Do you have a numerical goal for retirement?
Do you know how much money you need to have invested in order to no longer work? Do you have an age in your mind for when you'd like to stop working? Do you have a plan to do that?
Do you have a big event or purchase coming up that you are on a deadline to save money for (school, wedding, vacation, career change, car, house)?
Do you know how you are going to do that?
Do you have a dream for your financial future?
Is it clear? Does it feel achievable? Are you on your way to achieving it? How are you getting there? Remember that a dream without a plan is called a wish.
Do you have the right insurances set up to protect your family and/or loved ones?
If you're married and/or have kids, do you have life insurance? Is it the right type and right amount of coverage? Do you need umbrella insurance? Are you protected from identity thieves?
Do you know what you want your financial legacy to be?
If you have grandchildren already, have you started planning that out? Do you feel confident about how and where and to whom you will leave your money behind? Do you feel excited or intimidated about making these plans? Do you feel secure in the plans you have made so far?
Do you feel like you are maximizing your provisions?
Do you feel like you are doing the best you can with the financial blessings you have been given? Are you in a financial position to support causes that are close to your heart? Do you have financial peace?