Reasons to Get Your Financial Health Checked

When you sit down with the fam and discuss your New Years’ resolutions, make sure it includes having a financial health check day! This day is specially designated for you to take some time off and look into your tedious financial tasks—with some help from an international independent financial advisor.

Here’s why it’s important:

Your creditworthiness

Every financial transaction that you incur eventually affects your credit score. In the US, your credit score is as important as the social security number. It determines your eligibility and borrowing ability for almost every kind of loan.

Other than that, the credit score may also determine your insurance rates, job application, and business credit. You must always be aware of your creditworthiness before making any major purchase, so you don’t need to go through the embarrassment of getting your card/loan declined.

Although most websites offer free credit score checks, it’s always better to consult an international independent financial advisor who will follow up with good advice to boost your score.

Helps you plan your emergency fund

The COVID19 pandemic proved that one could never predict the timeframe of an emergency occurrence. Millions of Americans unexpectedly lost their jobs in 2020 and struggled to make ends meet.

According to Forbes, the pandemic pushed American tenants to the brink. Those with no emergency fund had to suffer the most. Being aware of your financial health helps you plan out the monthly budget by reserving some portion as a surplus. You can either accumulate the surplus or invest it somewhere. Your personal financial advisor will help you make the right decision.

An individual’s yearly finances summary.

Important for small business owners.

The need for a financial health check is a lot more prominent when it comes to small businesses. Small business owners always need to be on top of their numbers to make well-informed business decisions, gain better financial control over their money, and acquire credit.

A business financial health check will help you ensure your accounts balance to the books, there are no missing entries, and you’re well-equipped to deal with any cash flow shortages. Businesses that get their financial health checked routinely are less susceptible to bankruptcy!

SJG Financial Services is helping Americans regain their financial grounds by offering expert wealth management advice in Santiago. The advisory service also specializes in international tax planning and investment advice. Get started now.

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