Every problem has a solution. Easy. But diagnosing the real problem is a big problem. 
This hit me big time when a relative we lost last month, complained of sore stomach a few months back. Taking it to be a mild acidity thing, the real problem got ignored. And by the time the Doctors got to the real diagnosis, it was too late.
I know it’s a bit scary and what’s that to do with this space where I talk about improving my financial IQ?
The post title is self explanatory. I’ll tell you a few more details.
We are building a “Rupee Manager“, where apart from helping you track your income, expenses, investments,etc, we are also planning a few steps to help you do your own “Financial Health Check (FHC)”. This would be the snapshot view and a more detailed version of your FHC can be done in the “Rupee Management Workshop” that we are planning.
All you have to do is answer a few simple questions and the health check does the rest, providing you with instant feedback.
Now, asking the relevant questions is an issue that I am working on right now. And giving the appropriate answers for a snapshot FHC is the challenge.
I write this post to share with you the relevant questions that I can think of right now. Would you want to add your own questions? Here they are:
Step 1
Personal and family details
Name
Sex
Age
Occupation:
Spouse name
Spouse age
Other dependents
No. of Parents dependent
No. of children
Sons
Daughters
Step 2
Questions to identify your risk profile
Step 3
Finance Overview
Gross Annual Income
Approximate Net Income every month
Approximate expenses every month
Monthly investments
Step 4
Questions to identify your financial IQ:
Are you aware of asset allocation principles?
Are you aware of your assets and liabilities?
What does your liability costs?
Are you aware of your human life value or the amount you should take an insurance cover for yourself?
Have you ever tried to do a personal budget exercise?
What more questions should be there? More importantly what answers should your FHC provide you with?
Welcome back! Join me on this journey to improving our financial IQ and sharing what we know. Updates at RSS feed or Email. And spread the word please Thank You!
