Judgment Day

  • Judgment day is the day you take control of your money. You review everything down to the smallest detail. Why? By freeing up more of your money you can save and invest more of your money, which will provide you more security and freedom in your future.

 

  • Break down your paycheck and review it. Do you understand everything that is on it? Are you having too much or too little taken out in federal and state income taxes? If so, fix it. Do you have money coming out for something that you do not understand? Now is the time to start asking questions.

 

  • What is going on at your bank? Are you paying any fees for your savings or checking account? Why? What are you earning in interest on your money in each account? Is there a better way to do it? Credit Unions almost always charge the lowest fees.

 

  • How much debt do you have? Have you completed a net worth statement? Who do you owe and how much? What interest rate and fees are you paying? Is there a better way? Is there anything you have been putting off?

 

  • Where are your investments? When was the last time you reviewed your company retirement account or your IRA? What kind of fees and commissions are you paying to invest your money? What percent of your income are you investing in your retirement? Is there a smarter way?

 

  • Where is your money going? Are you tracking your spending? When was the last time you reviewed your monthly expenses? Is there anything you do not need? What about food? How much do you spend a month? Are you efficient at the grocery store? Is there a better way?

 

  • What is the status of your insurance policies? What are your deductibles? How much would you save by raising them? Do you have insurance that you do not need? How much do you have? Is it enough? Have you looked at all of the individual itemized costs regarding your car insurance? Do you need a rental car? What about tow service? Do you need an umbrella policy?