I like to keep things simple. Not so simple that I don’t take advantage of the tools that can help improve the financial well-being of the people I work with. But simple so that you know what you’re doing when it comes to your finances and you know why.

When I first meet people and we’re both deciding if we would like to work together I ask them five questions. These five questions accomplish two things. First, these questions are a conversation starter. Most people I work with have purchased some insurance and investment products.  Growing their wealth and protecting their families and businesses is important to them but they just don’t know if what they have purchased is right for them. And, more often, the question is “are we going to get to where we want to go with what we are doing?”

The second reason I like these five questions is that it helps focus the conversation. We are all busy. Most people I work with would rather be doing other things than talk about their finances. Not that they don’t think their finances are important. They do. But money is a tool. It’s not an experience or a loved-one or a career. So I see these five questions as a good place to start to keep our conversation focused so the people I work with can get on to what is really important to them – their families, their businesses and their lives.

I’ve, also, developed a scoring system with the five questions. Check out your score. You may be surprised.

Please send your thoughts, comments, ideas and scores to, Lynn Williams, at lifestyleprotector@gmail.com

1. If you accumulate as many NET assets in the NEXT five years as you just did in the LAST five years, are you going to be satisfied with your progress?

A. Yes

B. Maybe

C. No

D. Don’t know

2. Is the difference between what you OWN and what you OWE getting WIDER, NARROWER or STAYING THE SAME?

A. Wider

B. Staying the same

C. Narrower

D. Don’t know

3. If you were unable to work due to disability, how many weeks of your typical monthly income are FULLY funded by your current disability plans (based on date of disability until retirement)?

A. All of it

B. Five years

C. Three months

D. Don’t know

4. How many years of your typical annual retirement income are FULLY funded by your current plans (based on date of retirement until end of projected life expectancy)?

A. All of it (I will outlive my investments)

B. Five years

C. First year

D. Don’t know

5. If you were diagnosed with a critical illness, does your current life insurance pay you immediately to stay at home – or would you have to continue to work?

A. I have critical illness insurance

B. Pays me to stay at home

C. I would still have to go to work

D. Don’t know

Bonus question: If you’re a business owner, do you have a plan for the six possible exits from your business? Send me an email to lifestyleprotector@gmail.com and I’ll send you an article on this.

A. Yes

B. Maybe

C. No

D. Don’t know

Score yourself: If you answered mostly A’s you are financially savvy and know how to use money as a tool to work for you. Well done! If you answered mostly B’s you’re doing some good things when it comes to your money but your financial decisions may not be getting you and your family to where you want to go. If you answered mostly C’s you’re likely just getting started. And, while you may sometimes hear that ignorance is bliss, if you answered mostly D’s, when it comes to your money and financial decisions ignorance is definitely not bliss.