The following are more questions in a series that started with my previous post. To read the first questions, click here.

Would you consider yourself a spender or saver?

Being a spender is not a problem if that person does not go into unsecured debt to maintain their lifestyle. If one is a saver and the other a spender, then it is very important to come to an understanding that allows for a balance or there will be financial battles in your future! However, a key to being financially successful is to have a “spending plan” that includes a saving component beyond what you contribute to your employer’s retirement plan. In other words, live beneath your means and you will accumulate assets for your future financial wellness.

When purchasing products or services, do you typically use a debit or a credit card?

There is nothing wrong with using a credit card (VISA, MC) or charge card (AE) if they are not accumulating a balance that cannot be paid off monthly. A debit card, on the other hand, can be convenient and also a way not to over spend. Just be sure to check with your bank about the security and limit on loss should the card be stolen.

Do you have an emergency fund?

If you have been working and living on your own, are you living pay check to pay check or have you been able to put a little something away for a rainy day? If someone is spending every penny they earn with no savings, they are also likely to be in debt. Having an emergency fund is critical as job changes are much more of a frequent occurrence and can be a big blow to cash flow in the short term while finding a new position.

What is your credit score?

This is a simple question but can have a major impact upon your overall financial wellness. Your ability to buy a car, get a mortgage or other credit can be significantly impacted by your credit score. You are able to get a free credit report once a year from each of the credit rating companies, such as Equifax, Experian and Trans Union.

What is the total amount of debt you currently have including school loans, car loans and unsecured credit card debt? What are your views on building an estate and leaving a legacy?

This does not necessarily mean having to become rich! For many a legacy can be your values and how you conduct your life. However, being married and raising a family adds responsibilities that may need to be protected with life insurance and disability insurance. If you are able to build wealth, then having the proper legal guidance for your estate can make a big difference in overall family financial wellness.

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