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Achieving Financial Wellness: 7 Questions to Ask

| July 27, 2017

What is Financial Wellness?

Financial Wellness parallels other areas of wellness such as emotional or physical. Before attempting to commit to our own health, we often begin with a “Reason Why”? This reason may have a deep personal meaning or may simply be a desire to get into shape, physically, emotionally or financially. The “reason why” becomes the catalyst that encourages us to achieve our goals. Using our “reason why” as a reminder during our daily wellness activities, drives us to run the extra mile, spend time meditating or save money for future expenses, like college. The “reason why” moves us onto the second stage of wellness that culminates in a well executed plan. It’s common to see amazing physical wellness stories such as a woman who wants to be more active with her family. With this decision she may take the initial step of getting into shape and use those initial steps to push her to achieve larger goals such training for a marathon. Taking the initial step toward financial wellness, such as starting to save for retirement or opening a 529 plan for your child, can lead to a more secure and successful financial relationship in the future.

The Wellness Process and our Financial Lives

Financial wellness starts by developing a healthy relationship with money and all areas of personal finance. You must understand why you are seeking financial wellness and the obstacles in your life that are preventing you from achieving this goal. My own personal reason for achieving financial wellness was a desire to avoid the financial anxiety I witnessed during my childhood. I have worked hard to achieve financial wellness and love educating others on how to take the first (and subsequent) steps. Not understanding your personal finances or worry regarding finances can create a barrier to truly owning your financial destiny. Ask yourself what may be holding you back financially. Reflect on the following questions to create an honest dialogue with yourself in order to begin your financial wellness journey.

  1. How do I think and feel about money?
  2. What are the financial lessons and beliefs I learned early on about money?
  3. How have these experiences impacted my current relationship with money?
  4. What financial fears do I have?
  5. What financial behaviors am I proud of and what am I most ashamed of?
  6. What would I like to achieve financially?
  7. What areas would I like to learn more about in regard to my personal finances?

Steps to achieve Financial Wellness:

Just like your fitness goals you must do the work to realize financial wellness. Be warned, there is not a magic pill or product that will instantly make your finances perfect. Rather, it is the process of getting yourself financially organized, understanding your family’s financial risks and then tackling your financial goals over time with financial planning. A good financial plan is a step by step action plan honoring your family’s values.

Brooke Napiwocki, CFP®, MBA
Financial Planner
Crescendo Wealth Management LLC
Office 262-685- 3375

A "529 Plan" is a generic term for a "qualified tuition program" established under Section 529 of the Internal Revenue Code. Investors should consider the investment objectives, risks, and charges and expenses associated with 529 Plans before investing. More information about 529 Plans is available in the issuer's official statement. the official statement should be read carefully before investing. 

The information contained in this presentation does not purport to be a complete description and is intended for informational purposes only. Any opinions are those of the content creator and not necessarily those of the named advisor(s), JWC or JWCA. This information is not intended as a solicitation or an offer to buy or sell any security or investment product. Information is solely intended for recipients in jurisdictions where the named advisor(s) are licensed to engage the investing public. Investments and strategies mentioned may not be suitable for all investors. The named advisor(s) and JWC/JWCA do not provide tax or legal advice. Always discuss any tax or legal matters