What is True Financial Well-Being?
The Consumer Financial Protection Bureau (CFPB) studied financial well-being, in-depth. The CFPB defined financial well-being.
“… as a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.”
The CFPB claimed that financial measures are not enough to determine the level of financial well-being. They focused on two more areas, behavior and knowledge.
Financial Behavior: Creating good financial habits and incorporating them into your financial behavior should increase your financial well-being. Here are four areas of your financial behavior that the CFPB mentioned:
- Managing your everyday finance, including keeping and maintaining a budget, and watching your saving habits.
- Making a financial decision based on research.
- Making plans and setting goals.
- Acting in a way that helps you achieve your goals.
Evan Sussman is honored to serve as Senior Vice President for IFW. Evan has been a successful financial professional for over 17 years. On December 24th 2019, Evan was diagnosed with Stage 3 cancer, and is currently on the road to full recovery. He is forever indebted to the doctors, nurses, and staff that took care of him. Evan has dedicated his career to helping people secure their financial health and well-being.