Understanding where you are today

The first step in building a plan to reach a financial goal is understanding where you are today. Answer these questions to gauge how well you know your current financial situation.
Question |
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1. I know how much I/we spend each month.
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2. I know the location and amounts of all my/our investments. |
3. I/We have saved six months’ worth of living expenses.
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4. I know the rate of return each year for each of my/our investments.
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5. I know how much I am/we are saving for retirement.
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6. I know the value and location of all my/our retirement accounts. |
7. I know how much I am/we are estimated to get from Social Security.
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8. I know how much insurance coverage I/we have. |
Think about |
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Think about your mortgage, utilities, food, clothing, education, insurance and entertainment. |
Think about cash, CDs, stocks, bonds, mutual funds and real estate. |
Think about the gross amount spent for essentials and miscellaneous costs on a six-month basis.
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Include the rate of return for CDs, stocks, bonds, mutual funds, real estate and other investments. |
Note if this is a regular monthly amount and/or if you use systematic investing.
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Think about employer-sponsored plans, IRAs and annuities. |
You can find your statement and also estimate your benefits, online at www.ssa.gov. |
Think about life, disability and long-term care coverage. |
The more statements you marked true, the better you know your current financial situation.
For any statements you marked false, make a commitment to learning the answers. Armed with this information, you can work with your Edward Jones financial advisor to build a better strategy for getting where you want to go.