Devoted to women of color in business

Many folks take the month of June to do a check-in on personal savings and asset-building for the year, and I just completed mine.

Some good questions to go through:

Are we on track with our goals? We're at about the halfway mark for 2006, so....

• Are we about halfway through our asset-building plan for the year?
  
  
• Are we about half-way through the max contribution to our most important retirement plan?
  
  
• Are we on track with our debt reduction plan?
  
  

Now is also a good time to review your insurance (life, health, auto, home) and make sure your coverage is still relevant.

Check in with a financial planner if you've had a new event in the last few months or you see a big change on the horizon (raise or substantial bonus, purchase of a home, the birth of a child, an adoption, or another transition like a divorce, death in the family, or a move). Now is a good time to make sure all of your savings plan is on track.

As women in business, we have personal and professional goals that we aspire to. Let's make sure that as we achive those goals, we translate that achievement into financial success and independence.

So, to check in:

How much are you keeping?
Savings are on track?
Retirement plan on track?
Real Estate
Stocks, bonds, mutual funds
Equity in business
Other assets

How much do you owe? and to whom?
Mortgages
Credit Cards (inventory of all amounts due and interest rates)
Student Loans
Personal Loans
Other Loans

Putting your plan on "automatic" is really the best way to make sure you're on track. With automatic monthly deposits there's no "work" involved with sitting down, locating the bill, writing a check, getting a stamp. Plus, if you never "see" something, then you don't miss it, so keep on top of where your income is, where your expenses are, and where your assets are.

Here's to having a fun summer!