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Financial Fitness Quiz

Financial Fitness Quiz

Do you want to improve your personal finances? Start by taking this 20 question quiz to get an idea of how well you have managed your money so far. Choose the score that best describes the frequency of your current financial management practices.

When you are done, hit "calculate" to see how you are doing.

Question Never Seldom Sometimes Usually Always
Financial Management:          
1. I have a bank checking Question (or credit union share draft Question) with which to pay bills.
2. I have enough money each month to pay my rent/mortgage and other household expenses.
3. I have enough money to pay for an emergency, such as a large car repair.
4. I have written financial goals with a date and dollar cost (e.g., $10,000 for a car in four years).
5. I have a written plan (budget) for spending and/or saving my money.
6. I keep organized financial records and can find important documents easily.
7. I know my federal marginal tax bracket (e.g., 15%, 25%).
8. I calculate my net worth (assets minus debts) annually.
9. I save regularly for long-term financial goals, such as education for my children, a house, or retirement.
10. I have at least three months' expenses set aside in a readily accessible account (e.g., money market mutual fund).
11. I increase my savings when I receive a salary increase.
12. I have a personal investment account for retirement (other than an employee pension). (select "Always" for "yes" and "Never" for "no" for this question).
13. I have money spread across more than one type of investment (e.g., stocks, bonds, mutual funds, CDs).
14. The after-tax yield of my savings and investments is greater than the rate of inflation.
Insurance & Estate Planning:
15. I have insurance to cover "big" unexpected expenses, such as a hospital bill or disability.
16. I have a current will. (select "Always" for "yes" and "Never" for "no" for this question).
17. Less than 20 percent of my monthly take-home pay goes to my credit cards, student loans, and car payments.
18. I pay credit card bills in full to avoid interest charges.
19. I comparison shop for major purchases by checking at least three sources.
20. I avoid impulse purchases and do not use shopping as a form of recreation.
Items that you scored with a "Never", "Seldom", or "Sometimes" are actions that you should consider taking in the future to improve your finances.


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