Lending Club Blog

Is it Time for a Financial Checkup?

As a regular contributor to the Lending Club blog, I read a lot of other financial columns and websites looking for stories to cover. As a result, many topics, outside of Lending Club’s core competence of providing P2P loans, are covered. Over at Investor Guide, I recently came across a list of questions to ask yourself to see if the time has come for a financial checkup.

The idea is that just like our bodies (or our cars) need routine maintenance, so too may our finances. Depending on your answers, you may want to consider talking to a qualified professional such as a financial planner. Here are the questions:

    • Do you have financial goals? If so, are they in writing and do they include deadlines?
    • Is your debt under control? Do you pay off your credit cards each month?
    • Have you reviewed your investment portfolio recently? Are you comfortable with the level of risk associated with your current investments?
    • Are you satisfied with the rate of return that your investments are generating?
    • Have you started a retirement fund yet? If so, will your current rate of savings provide an adequate fund to meet your future retirement needs?
    • Have you reviewed your tax situation recently to see if there are ways to reduce your tax liability?
    • Have you started a savings program to meet the cost requirements of your children’s college education? If so, will your current savings rate be adequate given the effects of inflation and rising tuition costs?
    • Have you reviewed your life insurance coverage recently? In the event of an untimely death, will your current policies provide adequately for your spouse and/or children?

How did those questions make you feel? If you felt a little uncomfortable thinking about one or more of them, then you may want to discuss your finances with someone.

The Internet also provides a lot of useful financial information. If you do turn to the Internet for advice and strategies, consider reviewing those ideas with a professional before taking action. With the diversity of readers out there, it’s unlikely that any one piece of advice on the Internet will fit your situation perfectly. Even though you might self-diagnose yourself based on medical information you found on the Internet, you would clearly be better off by consulting with your doctor. The same is often true with your finances.

Depending on which of these questions caused the most concerns, you may want to meet with a tax advisor, insurance agent, investment broker, and/or financial planner.

Saturday, October 27th, 2007 at 12:35 pm

Comments (0)

Recommended

Welcome Home

Lending Club named #5 on Forbes’ Most Promising Companies List

Get ready for tax season with Lending Club’s Tax Form Guide

New Adjusted Return Metric

See more
Lending Club Awards
  • Archives z

Recent Posts

We’ve acquired a company!

Today we’re excited to share the news that we… Read More »
April 17, 2014

Lending Club customer information safe from Heartbleed Bug

You may be hearing about… Read More »
April 11, 2014

New: Loan Origination Data Update

An update for users of our platform statistics and… Read More »
April 3, 2014

Lending Club Launches Business Loans

Today, Lending Club announced the launch of business loans… Read More »
March 20, 2014

Lending Club Extends Privacy Protections for Borrowers

At Lending Club we pride… Read More »
March 19, 2014

How to Protect Yourself from Online Scams and Swindles

It is more important than… Read More »
February 11, 2014

New Statistics Charts to Help Investors Understand Returns

At Lending Club, we believe… Read More »
February 6, 2014

Welcome Home

I became a U.S. citizen earlier this month. When… Read More »
January 27, 2014

Lending Club named #5 on Forbes’ Most Promising Companies List

Lending Club has won the… Read More »
January 24, 2014

Get ready for tax season with Lending Club’s Tax Form Guide

Tax season is coming. To… Read More »
January 13, 2014