Once you have finished your financial wheel, what’s next? Remember that if you are giving a category a rank of higher than a 1 it means there is something positive going on there! Financial Wheel of Life Step 2 Maybe you aren’t saving much (or anything) in your retirement account but you make all of your debt payments on time. Maybe you don’t actively keep a budget but you are contributing to your emergency fund. These are strengths!Īnd don’t worry about recording tremendous strengths in all 8 categories. Maybe you always file your taxes on time, or that you carry health and auto insurance. Print a copy of this worksheet and try it for yourself.Īs you considered every financial category did you find that you had some satisfaction with one or more of the categories? And to be clear, giving a ranking of 2 or higher reveals that there is at least something going right in that category. On this worksheet look at each of the 8 financial categories and rank your current level of satisfaction for each one on a scale of 1-10, with 1 signifying “this can’t get any worse!” and 10 signifying “this is wonderful!” Insurance/Asset Protection Personal Financial Goals Retirement Savings Credit/Debt Management
When I begin to work with clients in my financial coaching practice I ask them to complete a common coaching assessment tool called the Financial Wheel of Life (shown here): Financial Wheel of Life Categories If I had a nickel every time a person said to me “I’m not good with money” I’d be rich!
The Financial Wheel of Life is a useful tool both for celebrating small victories in your current money management and for setting positive intentions for where you’d like to be.
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