Financial Fitness: Staying on Track

Savvy individuals appreciate that total well-being involves mental, spiritual, physical and financial – or fiscal as we like to say here at RetirementSavvy – fitness. In previous blog posts I have discussed the ways in which physical and fiscal fitness are linked concepts; and of course, financial fitness is a cornerstone of this blog.

Manage Your Fiscal and Physical Fitness | RetirementSavvy

The following infographic nicely illustrates achieving and maintaining financial fitness. Stay Savvy, my friends!

Financial Fitness

Sources: US Financial Capability, Financial Educators Council, The New York Times, FINRA Foundation, and Daily Finance.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

6 Comments

  1. Wow! Great graphics and content. Will recommend this to friends! Thanks for this info. Really helpful!

    • Glad you enjoyed, Dana. The infographic definitely provides some great food for thought. Thanks for stopping by.

  2. I like the infographic. The only change I would make is to substitute “pay yourself first” for “budget”. A budget is no good to anyone who does not save right off the top before considering expenses.

    • I am absolutely in agreement with respect to the practice of paying yourself first. It is one of the principles I discussed in my book as well as on this blog.

      Also, instead of budget, I prefer the term spending plan. Whereas a budget, at least the way it is often thought of, focuses on paying bills, a spending plan addresses all facets (bills, savings, investments, etc.) of income distribution, including paying one’s self first.

      • Having a plan for where the money goes for the “big buckets” makes sense, especially when they’re relatively predictable & automated. Beyond that, I prefer performing periodic spending audits as opposed to dictating what amount should go into every spending category because the variability is too high on a month-to-month basis and I feel the focus is on spending by category as opposed to overall spending. As long as my spending is reflective of the lifestyle I want overall, I’m happy. If it’s not, I make changes where/when needed.

        Thanks for the food for thought today.

        • Sounds perfectly reasonable to me. Good stuff! Thanks for stopping by.

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