Assessment | Financial Advisor | Evans Financial Group

Your Financial Foundation Assessment™

Financial Foundation Assessment™

The Financial Foundation Assessment™ provides a baseline measurement of your current financial stability. Knowing where you are is the first step in the process towards creating your customized Financial Foundation Blueprint™ to get you where you want to be.

Reliable/Predictable Income

(Having enough income to allow you the independence to pursuit whatever you choose. Often referred to as "retirement".)

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Weak: I have not given any thought to how much income I need to be financially independent. I'm not sure it is even possible for me, and I don't know where to start.

Shaky: I have a vague idea about how much income I need to be financially independent and have a rough idea of when I would like this income to start.

Stable: I have a pretty clear idea of when I would like to become financially independent and how much income I would need at that time, but I need help figuring out how to create that income and what other factors I should be considering.

Firm: I know exactly how much income I need to be financially independent and when and how I will get there. This income stream will last my lifetime and/or the lifetime of my spouse while also keeping up with inflation and withstanding market fluctuations.

Estate Planning

(Directives for what should happen upon your death or incapacitation.)

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Weak: I have no documentation in place for what should happen with my finances and/or who will handle my affairs upon my death or incapacitation.

Shaky: I realize the importance of having the appropriate documentation and have some items in place, but haven't reviewed my situation recently. Some circumstances of my life have changed since I created my estate documents.

Stable: I have all of the documents in place, but haven't reviewed them in many years. Knowing that laws and circumstances change, I should review these documents to ensure they are up to date and reflect my current wishes.

Firm: I have consulted the appropriate professionals and have official documents in place instructing who and how may affairs should be handled upon my incapaciation and/or death. All my accounts have been updated to reflect that information as well.

Savings/Investments

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Weak: I really don't know how much savings I need to fund my needs and future goals. I am aware that I should be doing something, but I don't know if I can afford it, what I should be saving, and how I should be saving.

Shaky: I have some savings and am saving in my company retirement plan. Not sure exactly how much I should be saving or what is the best way to do that. I am willing to save more if I understood it better.

Stable: I save regularly and make sure I am saving enough to receive the employer match. I have some confidence in investing, but don’t totally understand it. I am very interested in making sure I am saving enough to meet my goals and that I am invested appropriately for my age and risk tolerance.

Firm: I am saving the appropriate amount to fund my future goals. I am aware of how each of my investments are purposefully chosen to align with my goals. I am aware of how market fluctuations may impact my portfolio and am comfortable with that volatility.

Debt/Liabilities

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Weak: I have amassed a lot of debt and am only able to make the minimum payments. The amount of cash I have to put towards debt is infringing on my ability to do other things and/or contribute to savings. When an emergency comes up I usually have to go into more debt which compounds the problem.

Shaky: I have debt and I am able to manage the payments. I often get ahead, but then an emergency will arise and I find myself in more debt again. I would like to manage this better.

Stable: I have some debt and it is manageable, but I would eventually like to become debt free as that would allow me more independence with my money. I would like to develop a plan to get completely out of debt and only use it sparingly and/or strategically in the future.

Firm: The debt I have is strategic--I understand that in some instances it is better to take a low interest loan than use my investments that may be earning more. My biggest liability is my mortgage and I routinely review my rate and tax advantages of that loan. I use credit cards, but pay off the balance each month.

Ideal Future™

(Your vision of the future--Where do you want to be? What do you want to be doing? When do you want to do it?)

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Weak: I have not given any thought to where I want to be in the future, what I want to be doing or at what age I want to be doing it. Right now, I am just focused on what I need to do day to day.

Shaky: I have given some thought to what my Ideal Future™ looks like. However, I get a bit discouraged when I think of it because I don’t really see how I can change my circumstances to get there. However, I am open to exploring the possibilities.

Stable: I have a pretty good idea of what my Ideal Future™ looks like. I have figured out a few things I would really like to do and a timeframe for when I would like this happen. I would like to better define my Ideal Future™ and get a defined plan in place for getting there.

Firm: I have given a lot of thought to my Ideal Future™ and how it supports my purpose. I have defined what that looks like for me--when I want to be there, where I want to be, who I want to be with, and what activities I want to pursue.

Taxes*

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Weak: I find taxes confusing and a bit overwhelming. I feel I don't have any control of how much I pay in taxes anyway, so I just give everything to the accountant and don't really think about it until I have to file again.

Shaky: I don't fully understand my tax situation and have not looked at my taxes in relation to my savings and investments to see if there are strategies I could implement to be more tax efficient. But, I would like to know more and explore any opportunities.

Stable: I am aware of my tax situation and have utilized some strategies to help me be more tax efficient. I would like to explore further and take advantage of any strategies that may result in tax savings or tax advantages.

Firm: I understand how taxes will impact my income now and in retirement. I have a good grasp of my tax bracket and have looked at my investments to see if I have implemented tax-efficient strategies where possible.

Social Security

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Weak: I pay into Social Security, but I don't really know how it all works. I don’t know at what age I can collect and how my age impacts my benefit payment.

Shaky: I have looked at my Social Security benefit statement, but not really sure what it means. I am not sure how and when I should collect my benefit. I would like more information on how the system works.

Stable: I know what my benefit will be based on what age I decide to collect. I have not considered how to incorporate Social Security into my future planning and would be interested in a strategy to maximize my and/or my spouse's benefits..

Firm: I have strategy for collecting my Social Security benefit within the context of my future income plan. I have considered the strategies for maximizing my and/or my spouse's Social Security benefit and have made an informed decision with regard to collecting my benefit.

Medicare/Health Care

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Weak: I have not considered my health care coverage in retirement. I find Medicare very confusing and not sure what it covers and/or how much it costs. I have not factored health care costs in my future planning.

Shaky: I know a little bit about Medicare, but not sure which plan is best for me and when I should sign up for benefits. I realize that I may need extended health care at some point, but am not sure of the options. Would like to know more about health care coverage for when I am no longer working.

Stable: I am pretty familiar with Medicare and the different options available, but I would like more information before making a final decision. I am aware of the devasting effects a long-term illness can have on me and my family and would like to have a plan in place.

Firm: I have a solid understanding of the different Medicare plans and am confident that the plan I have chosen will cover my needs. I know the devasting effects a health care event can have on me and my family, and I have an extended health care plan in place.

Risk Management

(How prepared are you for the risks that may derail your plan?)

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Weak: I will deal with whatever happens when it happens. I have the minimal amount of coverage in place as required by law. I don't know if I'm fully covered or not.

Shaky: For the risks I am aware of I am insured (car insurance, homeowner's insurance, health insurance). However, I am not really sure what else I should be considering. I would like more information.

Stable: I want to make sure me and my family are protected. I have coverage in place, but want to make sure that I have a plan to address all the areas of potential vulnerability.

Firm: I have considered my circumstances and finances and evaluated the risk of loss. I have a plan in place to address risks that could be catastrophic to me, my assets, and/or my family.

Thanks for submitting your responses. We will be in touch!