How You Can Assess Your Financial Health To Make Better Financial Decisions
Assessing your financial health has a critical role to play in your journey towards making better financial decisions. People don’t realize that making better financial decisions and building wealth has everything to do with first assessing where you stand financially. It is the people who are able to grasp the relevance of financial health and apply insights from the learnings that go on to make better financial decisions & build wealth.
What Then Is Financial Health?
Financial health simply has to do with the state of your finance, whether good or bad. You can say a good financial health is one where you have control of your personal finances with a good balance of savings, investments, and insurance. On the other hand, having a bad financial health simply means everything about your personal finance is just not working; poor expense management, increasing debts, no savings or investments as well as no proper insurance cover for the unforeseen circumstances of life.
Now, it is critical to understand that your financial health largely depends on your level of financial literacy. Anyone that ever did well financially, first had some level of financial education. Moreover, a good financial health has a lot to do with you assessing yourself to know where you stand and what steps you need to take to get to the next level. Assessing yourself financially means knowing your level of financial literacy, investment risk level, credit profile, retirement readiness, just to name a few. A good understanding of these principles will position you to take the necessary steps towards building a good financial health.
The Bethniel Finance App provides AI-powered financial tools which help you to assess yourself financially. Currently, on the Bethniel Finance app, you can check your financial literacy level, investment risk level and learn about the key principles towards being retirement-ready.
Assessing Yourself Financially with Bethniel Finance
Financial Literacy Test: The financial literacy test on Bethniel Finance allows you to ascertain your level of financial knowledge. You get to answer 10 personal finance questions that can give you a score of up to 100%. Scoring
Investment Risk Assessment: It is only the inexperienced that sets out to invest without first determining their level of risk, which actually informs what type of investment to go for. On the Bethniel Finance app, you will answer a set of questions which should help you know your appetite for risk, whether high, low or balanced. It is when you know your investment risk level (appetite) that you can make an informed decision on what to invest in.
Retirement Readiness Check: Currently, the retirement readiness test takes you through a practical approach and checklist of key things you need to get done to be prepared for retirement. Some these include reviewing your net worth, having no debt, owning your primary residence, securing healthcare insurance, amongst others.
On the Bethniel Finance App, you can find the Assessment feature right on the Home screen under Tools & Quick Money actions. Once (Assessments) clicked, you will see the different assessments available: Financial Literacy, Investment Risk, and Retirement Readiness. From there, you can choose any one of them to start. Make sure to take each test to have a comprehensive financial health assessment.
Download the Bethniel Finance App from Google Playstore or App Store
Article Category: How To’s & Can Do’s
