Lifestyle

How to Measure Financial Well-Being (and Why It’s Worth It)

Published

5 years ago

August 7, 2020

One of the most challenging aspects of managing money is figuring out where you stand financially. After all, there’s nobody looking over your shoulder telling you whether the decisions you make are right or wrong. It helps to first have a framework for measuring your financial well-being — sort of like a report card.

The point of measuring your financial well-being against benchmarks is to help you get a sense of where you stand — and what actions you could take to bring yourself closer to your goals.

Here’s more on how to evaluate your financial standing and why it’s worth it to do so periodically.

Try the Consumer Financial Protection Bureau Well-Being Scale

The CFPB has actually developed a scale to help consumers assess their financial situations. Users answer sets of questions to determine where they fall on the scale, then add up the point values of their responses to get an overall “financial well-being score.” Users can then compare their scores to U.S. averages, as well as access resources on common topics — like tracking expenses, dealing with debt, saving and investing.

From these questions we begin to see some of the categories that define financial well-being, like:

The ability to cover a large unanticipated expense without going into debt.
Having money left over at the end of the month.
The degree to which finances control your life and choices.
Having room in your budget to cover variable expenses (like gifts for special occasions).
Staying on top of bills and financial decisions rather than falling behind.
Planning for the future, as well as managing money in the present.

If you’re short on time, you can fill out an abbreviated version of this scale to get a general feel for where you stand. If you’d like to take a more in-depth look, there’s a standard version with more questions.

According to the CFPB, financial well-being encompasses:

Net Worth: A Broad Look at Financial Well-Being

Perhaps the quickest and most straightforward way to evaluate financial well-being at a glance is calculating your net worth.

1. Tally up the value of your assets — like savings accounts, investments, vehicles, etc.

2. Tally up the total amount of your liabilities — like credit cards, mortgages, other loans, etc.

3. Subtract the liabilities from the assets.

These days, you can even plug these values into a simple net worth calculator rather than doing the math by hand.

Improving Your Financial Well-Being

It can be quite frustrating to find your financial well-being currently falls short of where you’d like it to be. However, getting an honest feel for where you stand today is the first step toward attaining your ideal financial future; it will help you set realistic goals and measure your progress.

Here’s an example: Many people exist in debt denial. They know they owe money, but avoid sitting down and looking at exactly how much — let alone planning how to repay it. Assessing their financial well-being could be the push they need to finally take an honest look at their budget and debts. After figuring out where they stand, someone in this situation may decide to speak with a credit counselor who then helps them get enrolled in debt relief management. Under a debt management plan (DMP), the person is able to consolidate their debts through the agency and pay what they owe over the course of three to five years at reduced interest.

According to Michigan State University, there are four general behaviors which support financial well-being:

Living within your means by actively managing your money.
Conducting research and gaining knowledge about financial decisions.
Setting realistic goals and planning for the future.
Following through on all three aforementioned behaviors over time.

Measuring financial well-being means checking in across various aspects of money management, which is why it’s a good practice for anyone and everyone. Only by understanding where you stand today can you set goals and make effective decisions for tomorrow.

Lifestyle

The Future of Social Dancing: How Latin Dance is Adapting to a New Generation

Published

5 days ago

August 21, 2025

Michelle Langton

Latin dance thrives on connection. The music, the partner, and the crowd all feed one another.

Today, that connection is shaped by a younger, digitally fluent generation, and few understand the shift better than Damian Guzman, founder of Bachata Sensual America (BSA). From prize-winning festivals to late-night socials, Guzman and BSA show how the scene is evolving without losing its roots.

Streaming steps, viral beats

A decade ago, beginners to Latin dance hunted for grainy DVD tutorials; now they unlock entire combinations on their phones. TikTok loops, YouTube shorts, and Instagram reels have compressed learning into snack-sized bursts.

Many of the artists signed on with Bachata Sensual America meet dancers where they scroll, posting slow-motion breakdowns and “follow-along” drills that rack up thousands of views. This approach addresses two key Gen Z demands: instant access and a clear path from screen to floor.

By allowing newcomers to practice at home before facing a packed room, the online channel lowers the fear barrier while seeding a desire for in-person connection.

Festivals as entry points, not finish lines

Digital discovery is only the first act. For many people, their real baptism happens at multi-day events where practice hours blur into sunrise socials.

BSA’s flagship Houston Bachata Sensual Festival returned on May 2^nd, 2025, with a follow-up week slated for Bachata Sensual Festival Chicago, September 4^th-9^th, 2025. Both weekends pair technique labs with mental-wellness talks and DJs specializing in bachata, mirroring the playlists in dancers’ earbuds.

That balance of skills and community is why independent reviewers named BSA one of the “Top Latin Dance Festivals in the United States” for 2025. Yet, for Damian, awards matter less than the message: a festival can feel world-class without pricing out college students. He keeps passes tiered, encourages volunteer shifts that offset costs, and prepares bootcamps for absolute beginners, ensuring the dance floor reflects the same diversity he sees online.

Teaching culture, not just choreography

Bachata’s recent boom owes much to its European reinvention. Damian experienced that surge firsthand while earning one of the first U.S. instructor certifications in the Bachata Sensual style. He returned determined to give American dancers the same blend of precision and musicality he had experienced abroad.

BSA classes devote equal time to connection cues, body mechanics, and the genre’s Dominican roots. That trifecta resonates with younger students who want authenticity, not just a viral dip.

“In class I tell people, ‘Technique is how you respect your partner; musicality is how you respect the song,’” Guzman said during a recent podcast. The line distills his mission: elevate standards while keeping the dance welcoming.

Building inclusive, mindful spaces

Generation Z brings new expectations around consent, identity, and mental health. BSA’s code of conduct spells out everything from appropriate touch to gender-neutral role selection. Security staff mediate conflicts quickly, and workshop leaders open sessions with grounding exercises to calm nerves. These actions might sound small, yet they remove friction that once pushed many newcomers away.

Damian argues that such policies go beyond ethics; they future-proof the scene. Normalizing role fluidity in Latin dance widens its talent pool and invites richer musical interpretations. By acknowledging anxiety and overstimulation — common concerns for digital natives — events can retain dancers who might otherwise retreat after their first crowded social.

Latin dance has never stood still, and its next evolution is already spinning under disco lights from Houston to Helsinki. With a phone in every pocket and a festival on every calendar, the gap between discovery and mastery keeps shrinking.

Damian Guzman and Bachata Sensual America illustrate what happens when tradition listens, adapts, and leads with purpose. The result is a scene ready for whatever beat the next generation drops — and a future where social dancing feels more connected, inclusive, and alive than ever.