What is Financial Health? Why is it important?

Typically, when people respond to this question, they think of better financial plans, having some savings, having little or no debt and the ability to meet needs while having some wants met. Usually, there is a consensus that good financial health means fewer worries and stress but that’s not just enough to say when you define financial health. There are many dimensions to financial health, including the amount of savings you have, how much you are getting away for retirement and how much of your income you are spending on fixed or non-discretionary expenses.

Today due to lack of time and immense work pressure most of us forget to check our financial health even though we are very much particular about our physical health. We should not forget that if we require to maintain good health both mentally and physically we need to have financial security for all the future planned and unexpected situations by making sure that our financial resources are planned well in advance, thus avoiding the delayed cost of not planning.

Inflation is also eating our future resources, that’s why we should also be concerned about the inflation-adjusted returns. Each person’s situation is different, hence it’s necessary to develop your financial plan to ensure that you are on track to reach your goals, and also that you are not putting yourself at undue financial risk if the unexpected occurs.

Financial health is dependent on the various elements mentioned below:

  • Budgeting
  • How much is your Income versus Expenses
  • What is your Savings Pattern
  • How much is your Cash flows
  • How you are planning for your short term and long term financial goals
  • Whether your investments are done systematically or not

As an individual, it is vital to check our financial health. We should always keep a constant track of our current planning versus our future goals and also on whether we are working in the right direction in achieving the same or not. “Time lapsed is time lost” hence one should make sure that they have an efficient plan in place at the right moment of their age so that they can get maximum returns out of what they invest in the long run.

We understand that a diagnosis is very useful for an individual to see whether their spending pattern is under control and whether the investment being made by them is following the goals or not with the inflation-adjusted return. Hence at Agile Investment Advisors, we believe in helping our clients with our professional expertise by first analyzing their financial situation and then by creating the best plan which can easily cater to their goals accordingly.

**The financial plans will be discussed with the client in detail at each point before finalizing the actionable items.

Our “check your financial health” service is free for you but a detailed plan will be presented to you after paying the service charges. In detailed plan, the financial planner will assist you over skype/physical meeting/call through a detailed discussion, also our services would include an opportunity for you to put across your unlimited queries to our investment advisors which will be heard and resolved until you feel satisfied with your plan and our services both.

For a quick review of your financial health – Please click here.

You are requested to fill the complete details as accurate as possible since the output plan is entirely based on the input provided.

**For any service assistance, please fill the contact us form, our service advisor will be happy to assist you. The response time for the same will be 24 hours.