How is your financial health? Are you financially ill yet you don’t have any symptoms? Without regularly checking your financial vital signs, you could have a lingering problem for years costing you thousands of dollars and not even know about it.
When you visit a doctor for a clinic appointment, one of the first things that happens is a nurse will take your vital signs. Height, weight, blood pressure, heart rate, oxygen saturation, pain, and temperature. The physician uses these vital signs, along with the physical exam and other information to make the diagnosis and guide your treatment.
Your financial vital signs are similar. They can be used to diagnose and treat trouble with your personal finances. They include things like your monthly budget, savings percentage and debt to income ratio. Your should record these numbers on a regular basis to trend how you are progressing on your goals.