Well, if you were in the US and I were a Pres candidate…i would have been forced to ask you this question.
Well politics aside, this is a question that you should keep asking yourself EVERY year. In case of your personal life, hobbies, work, relationships, etc. you need to frame your own questions.I do not subscribe to the thought that a person is better off and happier if he/she has more money, however, 99% OF THE people who I know work for money. So the aim is financial betterment, right? So,
However, you should also ask yourself:
“Financially speaking, am I better off than I was 5 years ago?”.
Well the questions could be as follows:
a. Has my net-worth gone up at a rate greater than inflation?
b. Has my income kept pace with inflation or beaten it?
c. Have I repaid my loans as per schedule or am I behind in making the payments?
d. Is the corpus that I am creating sufficient to meet my goals?
e. Are my investments taking me towards my goals?
f. Have I improved my returns and REDUCED my complexity in my portfolio?
g. Is my medical and life insurance cover enough or do I still to make some changes in that?
h. Do my spouse and my older kids know about my financial position?
i. Is my will in place? If not when do I hope to put it in place?
j. Does my family know about where all the financial documents are kept? Have I written a letter to all the insurance companies confirming the existence of my policy?
k. Are my nominations in place?
Of course there are many more questions…but this is a good beginning….so do make a start.
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