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Guest post by: Jim Stovall Become an Author

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For years, academic experts have been measuring people’s intelligence by administering an I.Q. test. More recently, behavioral scientists and those in the field of psychology have been discussing a principle they call emotional intelligence. I would submit there is another intellectual area of expertise I would call financial intelligence.

Financial intelligence would not measure how smart you are or even how learned you have become but, instead, financial intelligence would measure your mastery of some basic concepts, the application of which creates financial success.

Financial intelligence is far different from general intelligence. Some of the people who are known as among the smartest individuals in the world are at or near bankruptcy. Albert Einstein lost almost all of the money he received as a part of his Nobel Prize through bad investments.

Money is not what makes us wealthy. Money is simply the result of applying certain principles that might make up financial intelligence. If you divided all the money equally among everyone, in a few short years, the wealth landscape would look much like it does today; therefore, we understand that money is not wealth. It is the result of applying financial intelligence in the real world.

There are at least as many financial success systems as there are financial planners and money experts; but there are a few principles that seem to appear consistently in the lives, careers, and investments of those we would call financially successful.

If you want to be more financially successful or conduct your own financial intelligence checkup, consider the following:

1. Do you have a financial goal that belongs to you, or are you trying to keep up with the proverbial Joneses?
2. Do you have a budget or an overall understanding of where your money is currently going?
3. Are you consistently saving for your retirement, and do you understand that, statistically, you will need to take care of yourself for decades without a significant safety net?
4. Have you eliminated all of your consumer debt? You cannot succeed if you are paying both principle and interest on things that are no longer here or are not worth what you owe on them.
5. Do you have a will and insurance to take care of all of the potential disasters in your family’s life?
6. Do you understand that each dollar should be divided among three categories--spending, saving, and giving?

As you go through your day today, remember that knowledge, wisdom, and expertise are not necessarily transferable. You may know a lot about many things, but your financial future will be governed by your financial intelligence.

Today’s the day!

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