This video explains how to use the 'wheel' for self-ranking in categories like income, savings, spending, and investments. It guides users on how to rate themselves out of 10 for each category and what a perfect score might look like.
Chapters
00:00
How to Use the Wheel
00:06
Categories Explained
00:09
Financial Self-Ranking
00:35
Investment Goals
Transcript
00:01
How to use the wheel.
00:02
These are the categories.
00:06
And basically you just put in this box here what you think you are out of 10.
00:09
So it's self ranking, income maybe.
00:12
I think, I'm an eight.
00:14
Savings might be like, actually I really want to have more money in savings.
00:17
Let's put four.
00:19
Spending, like, sometimes I don't plan for those big expenses in advance.
00:23
But in general, like, I spend a line with my values, I feel good about it, I check in on my bank account regularly.
00:28
Let's put eight.
00:29
Investments might be like, I've still got a bit too much money in savings.
00:33
I'm still not quite sure what I'm doing with it.
00:34
Maybe you put a fork.
00:35
Like, actually, 10 would be if my money's all working really efficient for me and I'm really comfortable retirement, like, if I'm like, yeah, all my pensions are consolidated.
00:45
I know how much I need to have in my pension pot on retirement.
00:47
I'm on track.
00:48
I'm putting that money in every month and maybe even a bit more.
00:51
Like, maybe I'd say that's a 10.
00:53
So there's an idea for you.
00:55
And then this give me a quite a clear visual picture.
00:57
Like, okay, investing could do with some work.
01:00
I should maybe focus on getting my money working on me and my savings.
01:03
What are my goals, getting specific on my savings goals, how much I need to put away every month or quarter or whatever works for you to get there.
01:10
because these are like, okay, maybe I don't need to like worry and put so much energy intention to these, but these smaller circles are ones I'm going to focus on to have the most impact on my overall