Lifestyle

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

Published

6 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

Finding the “Best Virginia Personal Injury Lawyer Near Me:” A Complete Guide

Published

13 hours ago

March 4, 2026

Michelle Langton

Getting injured in a car accident is a stressful time. After all, you could face serious injuries that affect you for the rest of your life.

Thankfully, a good personal injury lawyer can help you navigate this complex moment in your life, but it can be easy to get overwhelmed finding the right one. If you are a resident of the Old Dominion and Googling “best injury lawyer near me Virginia,” look no further than the Richmond law firm Burnett & Williams.

One of the most common questions people ask about hiring an attorney after a car crash is “When should I contact a lawyer?” The answer is as soon as possible.

After receiving medical care, your next call should be to a personal injury attorney, as they will be able to get the ball rolling on your personal injury claim. A sense of urgency will help them fight to get you the compensation you deserve and prevent you from making any mistakes with the insurance company that will hurt you in the long term.

An important thing to keep in mind when hiring a personal injury attorney is the statute of limitations, the state-imposed deadline by which a victim has to file a lawsuit. If you miss this deadline, you could be barred from receiving any damages for the accident.

Although the statute of limitations can vary from state to state, in many states, including under Virginia law, it is two years from the date of an accident. If you delay hiring an attorney, it gives them less time to prepare your case.

Why hire a personal injury attorney?

But what does a personal injury attorney do that helps your case? The main benefits of hiring a personal injury attorney include:

Investigation: After hiring an attorney, they will begin an extensive investigation process. They will collect all records, including police reports, medical records, witness statements, and photos you took of the scene. They may also revisit the scene of the accident or consult expert witnesses, such as medical experts or accident reconstruction specialists, to build the strongest possible case.

Negotiation: Your lawyer will then get to work crafting a demand letter to the insurance company (or companies). One of the best things about hiring a personal injury attorney is that they handle all communications and negotiations with insurance companies on your behalf. Not only does this mean that you are less likely to fall victim to the insurance adjusters’ pressuring tactics, but it also allows you to focus more on what matters most: your recovery.

Trial representation: While many personal injury cases end in settlements, sometimes both sides cannot come to an agreement for fair compensation. In these cases, your claim will proceed to trial, where it will be heard by a judge and/or jury. When a personal injury case goes to court, it is important to have a skilled trial lawyer on your side who is willing and able to argue your case.

How to determine which Virginia personal injury lawyer is best for your Virginia injury claim

However, it can be difficult to determine which personal injury attorney to hire. There are tons of radio ads, billboards, and Google search results that all claim to be the “best injury lawyer near me,” so how do you know which ones actually are the best? Attorney C. James Williams III, principal at Burnett & Williams, guides us through what injury victims should look for when hiring an attorney.

One of the first things to look for when hiring a personal injury attorney is their fee structure. The best personal injury lawyers typically work on a contingency fee basis, meaning they are paid a percentage of the final settlement or award. These are the “we don’t get paid unless you win” guarantees.

While other specialties, such as criminal law, operate on an hourly basis, the status quo for personal injury law is a contingency fee. “Be suspicious of anyone who asks for an upfront retainer or hourly rate for your personal injury case, as this could imply that they don’t think they can win your case,” Williams advises.

It is also important to look for a law firm with a specialty area that correlates with your specific accident. “Not every lawyer is trained and equipped to handle every personal injury case,” explains Williams. “For example, truck accidents involve additional complex laws beyond the typical auto accident case. So do motorcycle accidents. An attorney who has only ever handled standard car accident claims might not be the right fit to handle one of these cases.”

But perhaps the single biggest factor to consider when choosing the best injury lawyer near you is their track record. “More often than not, experienced personal injury attorneys’ results should be able to speak for themselves,” says Williams.

If a law firm has good reviews online and has a history of winning big settlements and jury awards, chances are they are a good choice to hire. “And as a bonus, the better the reputation, the more leverage you get in the negotiation process,” Williams adds. “Insurance companies are often scared to go to trial against a lawyer they think they might lose to.”

If you are looking for the best Virginia personal injury lawyers, look no further than the skilled and experienced attorneys at Burnett & Williams. “Contact us today for a free consultation,” concludes Williams. “We will review your case and determine if we can help get you the compensation you deserve.”