7-16-24 Financial Freedom Affirmations and Visualization – A Framework for Financial Health
Today is 7-16-24 and we are doing our Financial Freedom Affirmations and Visualization – A Framework for Financial Health.
I recently bought the book What It’s Worth – Strengthening The Financial Future of Families, Communities and the Nation by the Federal Reserve Bank of San Francisco & Corporation for Enterprise Development.
In the book are studies by various government agencies on the current state of families in the United States and their financial behaviors. They are created A Framework for Financial Health which they are using to help families in America become financially successful.
Here is the framework from p 64:
| Daily Financial System | Maintains expenses equal to or lower than income Pays bills on time and avoids late fees Is able to pay debt obligations Has an acceptable monthly debt service to income ratio Is aware of financial situation and status Plans ahead for large, irregular expenses Has access to financial services and advice Is satisfied with current financial condition Has an acceptable level of financial stress Is confident in ability to meet short-term goals |
| Build Resilience | Builds savings and achieves short-term savings goals Owns appropriate insurance policies Has a diverse safety net, including an emergency fund and access to affordable credit or a social network Is able to recover from financial problems Perceives self as in control of financial matters |
| Increase Opportunity | Saves regularly Has a retirement plan and saves for retirement Keeps total indebtedness at manageable level Maintains a positive credit profile Stays on track to meet long-term savings goals Has the means to improve human capital Has an acceptable tolerance for risk Plans ahead for medium- and long-term Is confident in ability to meet long-term goals |
What do you think of the framework?
Is it a good metric for financial health?
How healthy are you financially?
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