What is Financial Well-Being and Why Is It Important? [Podcast Episode]

What does it mean to have Financial Well-Being and Why Is It Important?

Financial wellbeing is a state wherein a person can fully meet current and ongoing financial?obligations. One can feel secure about their future. There are many ways to create a plan for your financial health.

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The first thing you need to decide is what type of financial plan you would like to create.

Do you want to set up an investment portfolio? Or perhaps you just want to save some money for retirement? Whatever you choose there are lots of different options available.

One may ask what is an investment portfolio .

An investment portfolio is where you put your money into stocks and shares. These investments give you the opportunity to earn interest over time. They also provide the potential for capital growth which means that your initial investment could eventually increase in value. When we are talking about retirement which is the other vital financial plan we are talking about, start saving now.

If you saved regularly throughout your working life, you would have enough money to enjoy a comfortable retirement. One can also get to have an insurance plan but how can you attain this insurance plan? When looking for insurance, you need to consider what type of cover you require.

For example, if your home is burgled then you may wish to insure your possessions for replacement costs. If you own a car then you could insure it against theft. You also need to consider what level of cover you require and the cover will depend on your circumstances. This is why you need financial planning for it helps you make decisions.

It may seem like it's quite a bit of work but it makes sense to plan ahead. By doing this you'll know exactly what you have to pay each month and you'll avoid any nasty surprises.

Does this sound like you? Relieve your financial stress with financial wellness programs that give you a calculated monthly income and money spending habits. Here is access to our?financial tools & financial wellness programs ?where you will learn how to change your attitudes about money with budgeting apps and detailed insights that give you a clear direction.?

Listen to the?Simple Success podcast ?for more episodes like these.