Financial Health Check-Up Scorecard

Answer as best you can, and don't sweat the details. This scorecard is designed to give you a rough idea of your financial preparedness. This should only take a couple of minutes.

Core Financial Habits

Do you have an Emergency Fund covering at least 3 to 6 months of expenses?
You carry little to no high-interest debt (credit cards or personal loans that charge interest of more than 7%)
You have a budget or use a cash-flow tracker app and review it regularly (at least monthly)
You contribute enough to your employer plan to get the full company match
You annually max out your employer retirement plan (401k, 403b, etc.)
You regularly contribute to a Traditional IRA (deductible or nondeductible)
You contribute to a Spousal IRA for your non-working spouse
You contribute after-tax dollars annually into a Roth IRA (direct or backdoor)
You max out a Health Savings Account (HSA)
You invest excess cash flow in a taxable brokerage account
You use Mega Backdoor Roth (after-tax 401k contributions → Roth)
You have a written retirement income plan with target age, spending level, and funding sources
For each major goal (retirement, college, home, etc.), you know your target amount and you track the progress towards that goal
You own your primary residence outright (no mortgage)
You review your full financial picture with an advisor or on your own at least once per year
You increase your savings rate when your income rises (e.g., automatic contribution step-ups)
Your advisor rebalances your holdings according to your comfort with risk, your contribution abilities, current goals and future distribution needs or at least you have a simple written Investment Policy Statement (IPS) that guides you yourself in your allocation and rebalancing
You have reviewed how a 20-30% market drop would affect your goals, you are prepared for this inevitable day and know what you would do when this most likely will happen
You have and contribute to a 529 college savings plan
You have a UGMA/UTMA custodial account for minor children
You participate in your company's ESOP or stock purchase plan
You own income-producing real estate
You have an up-to-date will and/or revocable living trust
You have adequate term life insurance (10-20x income)
You carry personal umbrella liability insurance
You have individual disability income insurance
You have long-term care insurance (or a plan to self-insure)
All vehicles are paid off
You hold Bitcoin or other non-correlated hard assets like gold or investment properties
You or your advisor intentionally puts tax-inefficient assets in tax-advantaged accounts and tax-efficient assets in taxable accounts
You or your advisor reviews your taxable accounts for tax-loss harvesting opportunities at least annually
You have a plan for tax-smart withdrawals (which accounts to tap and in what order)
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