April 20, 2020
“Financial wellness” is a relatively new term in our lexicon. To be financially well is defined as having good fiscal health and sound financial well-being, which includes extrinsic and intrinsic qualities. Extrinsic qualities are easy to document and understand and can include things like cash flow, having an emergency fund, saving 15% annually, and spending less than earned (budgeting discipline). These are all solid extrinsic, financially-well benchmarks.
Intrinsic factors such as emotional, social, and economic relationships with money, along with behavioral biases around money and finances, can either increase or reduce financial wellness.
Click below for the telltale signs indicating an individual is generally financially well.
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