Are you financially healthy? Here’s what it actually means to have ‘well being’
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Let’s talk about what financial well-being means for you.
It’s different for everyone, but the U.S. Consumer Financial Protection Bureau defines financial well-being as a state where you have these four qualities.
- You have control over your day-to-day and month-to-month finances. This means that you know where your money is going.
- You have the ability to handle a financial surprise. For example, maybe you have to pay $500 for car repairs and don’t have to put it on a credit card.
- You’re on target to meet your financial goals, such as saving for an emergency fund or for retirement.
- You have the “financial freedom to make choices that allow you to enjoy life.”
This story was originally published May 15, 2023 at 6:08 PM with the headline "Are you financially healthy? Here’s what it actually means to have ‘well being’."
Cortlynn Stark
The Kansas City Star