How is your financial fitness?
It’s an interesting question. We are deluged with articles, TV shows, studies and pop-up ads (this weird trick . . .) about physical fitness. Obviously physical fitness is important, but isn’t financial fitness important too? What is the point of being physically fit enough to live to 101 if you are going to be broke by then? Maybe we need to pair a little financial fitness with our physical fitness.
Thanks to the Department of Labor, the videos below can help you get started in strengthening your financial fitness today! These videos break down a complex and daunting subject into easy steps on how to start setting financial goals, budgeting, determining a target retirement saving rate and managing debt. At the end of each video are worksheets that will help keep your financial fitness goals in sight.
- Setting Financial Goals – Setting your short-term and long-term goals and ways to accomplish them.
- Budgeting – Organize your financial documents, set up a budget and track your progress.
- Target Retirement Saving Rate – Calculate the percentage of current income you should be saving for retirement.
- Debt Management – Learn how to manage debt.
I’ll leave you with an inspiring Chinese proverb:
“The best time to plant a tree was 10 years ago, the next best time is today”