Self Assessment in Financial Plan

1.       Is your present income adequate at this circumstance? 2.       Is your income more than inflation adjusted? 3.       Are you prepared for any emergency financial need of your family? 4.       Have you created an asset which gives regular income to you? 5.       Have you got the habit of saving before spending? 6.       Are you keeping your expenses within your income limit? 7.       Is your loan EMI less than 50% of your monthly income? 8.       Can you liquidate at least 50% of your investment if required? 9.       Can you make at least 20% down payment when you go for housing loan? 10.   Is your net worth stable ie. positive? 11.   Is your savings idle? 12.   Have you prepared a list of your financial goals? 13.   Have you made proper investment plans to achieve your financial goals? 14.   Are you aware of the fact that high return comes with high risk? 15.   Do you know the power of compounding effect of investment? 16.   Have you made your investment in different asset class? If you have answered 'No' to most of the questions, it is better you consult with a financial advisor for your financial plan