Benefits of a Personalized Financial Review
- Robert Gourlay
- 4 days ago
- 3 min read
At RG Wealth Solutions, we understand that your financial health is paramount.
A personal financial review serves as a comprehensive check-up of your money situation, allowing you to assess your income, spending, debts, assets, and financial goals.
This essential process helps create a clear financial picture, reduces stress, and enables you to make informed adjustments for better financial health. Typically conducted annually or after major life changes, a financial review is a proactive step toward achieving your financial aspirations.
What is a Financial Review?
A financial review is an in-depth examination of your financial situation, encompassing several key elements:
Tracking Cash Flow: Understanding your income and expenses helps identify spending habits.
Calculating Net Worth: This involves subtracting total liabilities (debts) from total assets (what you own) to create a snapshot of your financial health.
Reviewing Savings and Investments: Assessing your savings and investment performance ensures they align with your goals.
Evaluating Insurance: Determining if your insurance coverage meets your needs is crucial for protection against unforeseen circumstances.
Setting or Revising Financial Targets: This involves defining financial goals such as saving for retirement or emergencies.
Getting an independent second opinion on your current holdings will give you peace of mind and it will highlight any investment errors or cost and charging issues, whilst providing alternatives (where necessary) and ensuring you are on track to meet your financial goals.
Key Steps in a Financial Review
Gather Financial Data:
Collect financial statements, investment account details, loan balances, and insurance policies.
Track Income & Expenses:
Understand where your money comes from and where it goes. Consider using a budget like the 50/30/20 rule (essentials/wants/goals).
Calculate Net Worth:
Subtract total liabilities from total assets to get a snapshot of your financial health.
Analyze Debts:
List all debts (mortgage, loans, credit cards) and their costs to understand your financial obligations.
Review Assets & Investments:
Check savings, retirement funds (401k, IRA), and other investments for performance and alignment with your goals.
Check Emergency Fund:
Ensure you have 3-6 months of living expenses saved in an accessible account.
Evaluate Insurance:
Assess if your coverage (life, health, disability) meets your current needs.
Assess Credit:
Review your credit score and report for accuracy, identifying areas for improvement.
Set/Revise Goals:
Define or update short, medium, and long-term goals (e.g., down payment, retirement, travel) and create a plan to reach them.
Why It's Important
Clarity & Control: A financial review provides a clear view of your finances, reducing anxiety and enhancing your sense of control.
Goal Alignment: Ensuring your spending and saving habits support your objectives helps you stay on track.
Early Problem Detection: Identifying overspending or under-saving early allows for timely adjustments.
Adaptability: A financial review helps you adjust your plans in response to life changes (e.g., marriage, new job).
When to Do It
Annually: A comprehensive check-up is advisable once a year.
Quarterly: Smaller, more frequent check-ins can be beneficial.
After Major Life Events: Consider a review after significant changes, such as marriage, divorce, a new baby, job change, or inheritance.
Conclusion
A free financial review can be a transformative experience for your financial well-being. By taking the time to assess your financial situation, you can reduce anxiety, align your spending with your goals, and adapt to life changes more effectively.
At RG Wealth Solutions, we’re here to help guide you through this process, ensuring you have the tools and knowledge you need to achieve financial success.
Ready to Take Control of Your Finances?
Contact us today to schedule your free financial review and start your journey toward financial health!
Contact us:
📞 +6 011 515 656 49
🌐 Visit: rgwealthsolutions.com
RG Wealth Solutions — Because your financial journey deserves clarity, integrity, and peace of mind.
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