Celebrating Financial Freedom
For years now my kids have spent the Fourth of July with their grandparents and dad. It’s a “kid-free” few days for me. I have the freedom to choose how I want to celebrate. My tradition is doing whatever I feel like doing each year! Whatever the plans, Independence Day is always the perfect time to reflect on and celebrate freedoms. It’s a great time for your financial freedom wellness quiz.
Financial Freedom Defined
What does financial freedom mean to you?
- What does financial freedom mean to you?
- Do you live a financially free lifestyle now?
- How important is financial freedom to you?
- What are you doing today to be, or move towards being, financially free?
Your Financial Freedom Wellness Quiz
- I feel empowered with my financial decisions.
- I worry about my finances and money:
- I generally feel like I understand what I am doing with my money:
- I have a pro-active financial plan for both the short term (i.e. monthly budget) and long-term (i.e. retirement plan):
- Feeling competent and confident with my personal finances:
You’re halfway through Your Financial Freedom Wellness Quiz
- When I don’t fully understand a concept with my personal finances, I have resources I know and trust to reach out to for help.
- I have a fully-funded emergency savings account in place:
- I fully understand how credit works, and use it to my benefit.
- I have no worries that should an accident or emergency happen (i.e. an unexpected job loss, untimely death, automobile accident, long-term illness or disability diagnosis), I will be just fine because I have adequate insurance and legal documents in place:
- I am interested in and engaged in my personal finances:
- I understand money concepts and use those concepts to make strategic financial decisions:
- I rarely regret financial decisions that I make (i.e. with spending, investing, giving):
Now it’s time to score your answers!
It’s ok to feel lost with your finances at times, and you’re not alone. Only 5 U.S. states currently require a course in financial education to graduate high school. We spend 13-17 years + preparing for a job or career and very little of it learning how to manage money we earn to reach lifestyle goals! I highly recommend seeking out a mentor or coach to help fill the gaps in your financial education and put some basic money systems in place. With guidance and specific steps to follow on a regular basis, your confidence and sense of financial security will soar quickly, and you will reach your goals faster.
Congratulations on having consistent and positive habits and behaviors with your money! You have perhaps the most balanced approach and consistent feelings of financial wellness of the four groups. You are also always open to learning, growing, and improving your health and wellness. By being pro-active with your wealth advisor team (CPA, Financial Advisor, Money Coach, Estate Attorney) you may not always feel on top of everything, but you are very well covered in most areas. An accountability partner or coach, and regular money dates with your self, spouse, and business partner are recommended to ensure you are regularly addressing your finances and following a strategic plan to reach financial freedom!
You’re a money maven. You have the epitome of financial wellness since you often feel confident and empowered with your money. You likely are the one friends and family members come to for guidance with their finances and may want to consider financial coaching as a hobby or professionally. Just be careful not to overemphasize finances or spend so much time on analyzing your spreadsheets that you are not enjoying leisure time, and other hobbies in your life.
How did you do on Your Financial Freedom Wellness Quiz?
Your financial decisions affect every part of your life. Read this article on the #1 Financial Decision for more information and guidance. Then, periodically take the quiz again and see how much you improve. What you focus on gets better!
Happy 4th of July!
May you celebrate and cherish the many freedoms you enjoy in your life. Cheers to financial freedom being one of them.
This article is not intended to be financial advice. As a Certified Financial Educator through the National Financial Educators Council, and MasterMind Member with Coach Connections, Michelle focuses on financial behaviors and helping her clients establish financial best practices. She does not sell financial products, nor give financial advice. This article is meant for educational and entertainment purposes only
Michelle Boss is a Personal Finance Coach and Certified Financial Education Instructor. She is certified through the NFEC. As a Professional Money Coach, Michelle helps successful women get smart with money so they can grow their wealth and finally feel financially secure. With Michelle’s Group and One-to-one Coaching Sessions, she helps take the Fear out of Finances.