5 Financial Questions To Ask Yourself Right Now

With a roller coaster economy, high job unemployment, and increasing federal debt, this is the time to take stock and ask yourself some important financial questions to make sure you keep your financial house in order.  Here are 5 important questions to ask yourself now?

  1. Do I have an exit strategy with my investments? If the stock market has another free fall or your company stock takes a dive, how will you put some sort of cushion to secure those assets which have grown over the past year?  You should be asking yourself questions such as how far your money may go down before you exit the stock market, or how much it needs to make before you might take some profit off the table.  Learn from the ups and downs you saw in the early 2000’s and in 2007/2008.
  2. Do I have enough of a cash reserve? With job market uncertainty, you want to make sure you beef up your cash reserve for at least three months more than you would normally have.  If you are used to having 3 months in a cash reserve, than I would recommend doubling it to 6 months to be more safe.
  3. Do I have a spending plan or budget in place? If your income begins to expand again over the next couple of years, I think it is critical that you keep your spending plan in check.  Make sure to save at least 10% of your income, with the real target being 20% of your total income.    By really examining your budget now, you can determine your wants versus your needs.   It is certainly a good idea to reward yourself from time to time, but staying away from any unnecessary major purchases that are not in your budget will be a key to building wealth during the next up economic cycle.
  4. Are my insurance coverage’s in place? Even though the health care bill passed recently, it is important to review your insurance coverage’s from what you have at work to the personal insurance you currently carry.   If you lose your job or decide to leave, many coverage’s such as disability insurance go unnoticed until it is too late.
  5. Are my beneficiary designations up to date? With many people entering into second and third marriages with both spouses perhaps having kids from prior marriages, it is important to make sure you review your beneficiary designations.   I often find that people don’t review these until it is too late.

As more and more people get their financial homes in order, asking yourself these five questions can help you run your family finances like a business.

Related Articles – Can you rollover your 401(k) account Before you leave your employer?, Is it smart to get tax refund? , Life Insurance For My Children? , Do you need disability insurance?, Should I keep my old car or buy a new one?, Should you lock in your natural gas rates?, Is It Time To Change Credit Cards? , Social Security – Take it Now Or Later?, So you wanted to have a child?

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE Financial consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.  Unless sources are noted, the information is the opinion of the author.

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves


My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.


  • Avatar
    April 15, 2010

    Great article! You’ve laid out some really key concepts to consider when attempting to remain proactive in one’s finances. This is my first time here, but I love the site, layout and information! Thanks for sharing. Bookmarked! :)

  • Avatar
    April 23, 2010

    You pointed it right! Definitely a good and important question to consider. In this economy right now, we don’t know what happens next, so it is important to have a financial security for ourselves & family.

    – MJ Smith
    Reward Credit Card

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