How to Conduct Financial Check up

The most important activity we need to go through after attending our Financial Education Course is to undergo a FINANCIAL CHECK UP. 

We believe that  Financial Education with Financial Execution is the best thing to do. This will make sure that you secure a financially free future  no matter what happens to you. Financial Check Up is the first step to determine the proper financial strategy for your current financial situation. 

We normally have a regular medical check up to determine the health of our body. But, more often than not, it is the pocket that is not healthy! :) . Thus, we definitely need to go through a regular Financial Check Up.

So HOW do we DO the FINANCIAL CHECK UP. This is the intent of this article. I want to share with you the Procedure in doing Financial Check Up for yourself or for people who needs it.

This is the STEP by STEP Procedure.

STEP 1. Simply Write Your NAME.

STEP 2. Write your AGE

These are the most difficult part of this simple steps. :)

STEP 3. Write your AGE after 20 Years

STEP 4. Determine HOW MUCH you can SAVE Monthly. This is #4.

STEP 5. Calculate How Much you need to Accumulate in 20 Years. This is simply Monthly Income (MI) x 12 x 10, or ANNUAL INCOME x 10. This is #5.

Question: 

+ Do we already have this Target Amount above #5? How Much?

+ Do we have Long Term HealthCare? How Much?

+ Do we have Life Insurance? How Much?

+ Do we have Debts? How Much?

+ Do we have Emergency Funds? How Much?

STEP 6. Based on the Calculation #5, write the Monthly Income. Confirm the Numbers. This is #6.

Share the Prosperity Formula , 10 20 70 Principle. Refresh the principle of giving back to God 10% as Tithes, and 20% as "INVESTIBLE" FUNDS.

STEP 7. Calculate 20% of Monthly Income (MI). This is #7.

Compare the 20% calculated for #6 above vs, what was declared in #4. 

If #4 is HIGHER than #7, congratulate the person for he can achieve his Financial Goal for Retirement #5 in less than 20 years!

If #4 is LOWER that #7, advise the person to do something about his/her CASH FLOW. List and REDUCE EXPENSES, and INCREASE INCOME by  DOING IMG Business.

STEP 1 to 7 Looks at the Current Status of the person. This is like the Check Up Results. Steps 8 on wards is then the PRESCRIPTION.

STEP 8. Based on AGE, Recommend the APPROPRIATE Level 1 KAISER Investment and PROTECTION fit for the Amount that can be SAVED. Refer to your KAISER Table. This is #8.

AGE 10 to 40 Years Old, Minimum is 2647/Month for 7 years only, 524K in 20 years

AGE 41 to 50 Years Old, Minimum is 3529/Month for 7 years only, 699K in 20 years

AGE 51 to 60 Years Old, Minimum is 4412/Month for 7 years only, 874K in 20 years

STEP 9. Write the projection of the KAISER Plan Chosen in #8. Note that the Payment is ONLY for 7 Years. Accumulation Period is 13 Years. This is #9.

STEP 10. For the 8th to 20th Year, write the round off Amount to INVEST on LEVEL 2 MUTUAL FUNDS (ex. 3529 becomes 4000, 4412 becomes 5000). This is #10.

STEP 11. From the WEALTH CALCULATOR , check the projected amount after 13 Years, then write it down. This is #11.

STEP 12. Sum up the Projections for Level 1 # 9, plus # 11. This is #12.

Compare this SUM with the NEEDED Retirement Fund #5

If the SUM in #12 is less than that of #5, we need to PURSUE Additional INCOME Stream. IMG can be that Business. JOIN IMG.

Let's do it!

For Feedback email me at richbenj.santiago@gmail.com

God bless us all!

Benj Fely Santiago

Senior Executive Vice Chairman

Truly Rich Makers Founder

Debt Destroyers Author