People are now concerned about – What will be the source of income? How much money should be allocated to a particular commodity, service, and activity?
In fact, understanding finances is now a key for survival and sound living. However, since the outbreak of the Covid-19 pandemic, the world economy is considerably facing multiple drawbacks.
With the employment market at an all-time low, it has become more important to manage finances, analyse earnings and calculate expenditure.
Keeping this problem in view, Arpit Arora, Personal Finance Expert, Passive Income Coach, and Founder of AskTheWiseGuy, has designed ‘Automated Financial Assessments’.
The assessment comprises Financial Health Check-up and Financial Strength Analysis to closely analyse and understand what potential the existing wealth has to generate a fixed passive income.
Thus, in order to help people get a better insight into their wealth allocation, how well it is working for them, Arora charts out the following two assessments.
Financial Health Check-up
It is a 10-point Financial Health Guide detailing the money related risks which one have been unaware of. It is a free assessment that aids a person to understand how the wheel of money works and how it can be modified and adjusted so that it works the best, i.e., ensure maximum output. The assessment takes into consideration everything from budget, to money monitoring.
The 10-point financial health guide actually scrutinise ten factors that define the complete circle of money movement, budget, expenses, investing, leveraging, goal planning, wealth, emergency, financial IQ, income and money monitoring. Understanding and analysing these basic factors will help people to allocate money in the activities that might increase the financial output and turn out to be beneficial in the long run.
Financial Strength Analysis
It is a comprehensive assessment of Wealth & Guidelines to understand and enhance the process of passive income creation. This provides more detailed insights into one’s financial strength focusing on three major aspects – What is a person’s net-worth?; At what per cent rate is one’s wealth growing? Is it even beating inflation? and what specific actions one need to take to make money work harder for oneself?
Proper financial planning and analysis is very important to undo financial mistakes, get financial freedom and follow one’s passion.