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Midlife MOT: wealth, work and wellbeing
Midlife MOT: wealth, work and wellbeing

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7 Round-up – your Midlife MOT wealth checklist

We’re now at the end of your Wealth Check-Up part of your Midlife MOT and it’s time to for you to review the findings.

Have you:

  1. Compiled your household budget? Does your income cover your spending comfortably?
  2. Calculated your net wealth and your wealth score? Your score should be as high as possible. If it is below 1 are you confident you have an action plan to boost it?
  3. Got savings in an instant access account? This rainy-day fund should ideally be at least the equivalent of three months’ household expenditure.
  4. Checked the interest rates (APRs) on all your borrowings? Could you consolidate all these into the product with the lowest interest rate (APR)?
  5. Checked the interest rate (APR) on your mortgage? Could you switch to a new mortgage with a lower interest rate (APR)? If you are on a fixed-rate mortgage deal that is coming to an end, what rate do you expect to pay in the future? Can you afford to pay a higher rate?
  6. Undertaken financial forward planning to cover future plans for you and your family?
  7. Got - or at least have a plan for - savings and investments in addition to your rainy-day fund?
  8. Got the details of the minimum redundancy and sickness payments you would be entitled to if you lose your job or have a period of ill-health?
  9. Arranged your life insurance and your will and completed your expressions of wishes for your pension?
  10. A forecast pension income (or other financial resources) that covers your expected spending when you retire?

How did you get on with this checklist? Hopefully you scored 10 out of 10!

But for those items on the checklist where you didn’t ‘tick the box’ there’s no time like the present to take action.

Now go to Session 4 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .