Personal Finance

Interpreting Current situation assessment score

Current financial situation result

Thank you for taking the survey, you have received your result and may be wondering what the rest of the result implies, here below is a full explanation of all the four results of the current situation.

Your action should not just stop with the survey, take action to improve your scores.

To your success,

CPA, Henry Ozianyi, CFEI

WhatsApp; +254722138812

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Very Comfortable

A comfortable financial situation means that you have information relating to money and investments. You are not indebted and you have savings. You are indeed affluent.

You have many sources of income and you can invest in complex assets such as derivatives and financial markets.

You can afford custom made clothes, sports, and holidaying machines such as yachts as well as overseas holiday homes.

Continue to keep an eye on your finances and enjoy the life’s comforts that money can buy.

 

Just Comfortable
When your financial situation is just comfortable, You can be able to meet emergency expenses such as unexpected medical bills and you have a plan for your money.
Your consumption is distinct and as you make more money, you channel most of it into consumption such on an annual vacation, wardrobe additions, joining a fitness center, going to dinner and movies and getting a new car every few years.
You hang with others who make larger incomes. You spend more money on things you want, but don’t necessarily need.

If you continue saving and investing, you can join the billionaires club, therefore seek more information on where and how to save and invest your money.

P/S

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Maintaining

When you are in a maintaining situation, your income is not sufficient to cater for all of your needs but at least you can afford basics such as food, water, shelter, and sanitation.
You find it difficult to save or cater for future needs such as the education of your children, medical emergencies and mild natural disasters such as excessive rains and or crop failures.
Retirement is always a worry on your mind because you do not have savings for retirement and you rely on others when emergencies arise.
In this group, the major need is education and if well done, you can rise and become comfortable. Find more information on how to improve your financial situation from financial matters.

 

Struggling

When struggling, your situation is one of need or poverty in extreme situations. It refers to that point where basic necessities are hard to come by.

In this state, you struggle to find food, shelter, and clothing. Clean water and air are a luxury because your residential address does not provide or allow for such.
It is that situation where children’s education is a luxury and manual jobs are the only means to survive. In countries like the US, these individuals are placed on food stamps to help them get by while in the developing world where there is little government support, these individuals are left to their own means, sometimes starvation.
In Africa, the residential address is mostly slum areas where basic amenities like roads and sanitation are lacking. In worst cases, sanitation is by means of the flying toilet where someone uses a polythene bag in their single room to relieve themselves then throw this out, sometimes onto the polythene or iron roof of a neighbor.
It is a dire situation to be in and all effort should be made to move out of this group.

You can find more information on how to improve your financial situation by joining the financial matters clan by WhatsApp +254722138812

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