Friday, May 23, 2014

What is Your Financial Future?

Image credit: Witthaya Phonsawat via

Knowing where you stand with money is crucial to developing a more effective financial strategy for yourself so take this quiz for a little self-assessment.

  1. The day before pay day your finances are:
a)      Terrifying. The whole next pay check is already used up from money I’ve already spent.
b)      Okay. I’m not swimming in cash but I seem to have enough to get by.
c)       I always have plenty in my checking so I don’t track when I get paid.
d)      Looking lovely and I’m excited to put that money into an investment.

  1. How often are you charged fees/tickets of any kind? (speeding, parking, ATM, overdraft etc):
a)      Seems like every week.
b)      Probably monthly.
c)       Several times a year.
d)      Very rarely or never.

  1. How much debt do you have?
a)      Scared to think about it.
b)      An overwhelming amount; I think it will get paid off some time before retirement.
c)       A fair chunk, but I have a system in place to tackle it
d)      Just the mortgage
e)       I’m debt free baby!

  1. Are you earning enough money to reach your financial goals?
a)      No, I don’t have a job and in this economy I won’t find one.
b)      Can I reach them with $12/hr?
c)       Not at the moment, but I am looking into some ideas to make more.
d)      It may be tight sometimes, but I am confident I can keep a roof above my/my family’s head and I’ll have at least a small pile for retirement.
e)       Not at the moment, but I am enrolled in a program/actively doing something to change my position.
f)        Yes, if I cut out some things.
g)      Yes and that revenue is growing thanks to passive income investments I’m making with my excess money.

  1. What does your spending decision process look like?
a)      I see, I like, I buy.
b)      If the purchase is reasonable price, I get it.
c)       If I have the money in my checking account, I’ll go for it.
d)      I consider my budget and if the purchase is less than my budget and I don’t plan on buying something else in the same category, I’ll go for it.
e)       Same as d but I will make sure to do some research on cheaper alternatives to see if I can get the same value for less money.

Give yourself the corresponding points for each answer.

Question 1:
a) 0
b) 1
c) 4
d) 6

Question 2:
a) 0
b) 1
c) 3
d) 4

Question 3:
a) 0
b) 1
c) 4
d) 6
e) 8

Question 4:
a) 0
b) 1
c) 2
d) 3
e) 4
f) 5
g) 6

Question 5:
a) 0
b) 1
c) 2
d) 4
e) 6

Financial disaster – 0 to 5 points
Uh-oh. This probably does not surprise you. This is no reflection on your character or anything like that. You have choice. Taking this quiz and looking for blogs, websites and books (use a library!) to help you turn your financial life around are all steps in the right direction. There’s nothing more motivating than a turn-around story of financial disaster to financial success. Get excited about the new financial future you can create.

Meager life ahead – 6 to 10 points
You may say you are content with the simple life, but there is nothing simple about not having money when a loved one runs into a health situation and you can’t afford the care. I certainly hope nothing dramatic like that happens to you, but remember that it is not greedy or selfish to take care of your financial health. It is responsible and loving, to yourself and others.  

Pretty good, but a bit tight – 11 to 19 points
Life looks pretty good. You’ll probably be able to afford a home in a safe area with a size that meets your needs. If something breaks, you are able to get it fixed, but it does strain your budget for a while. You may feel a bit deprived sometimes and perhaps some of your dreams (vacations, homes, helping kids with college etc.) seem out of reach. You’ll probably have a nest egg to retire, but you are at risk of keeping that job past your original plan. Think about your current income and current spending habits – is there some needed change? No need to judge yourself or be discouraged. This is a great opportunity to tweak some habits and gain some knowledge so your future looks even better!

Bright and beautiful! – 20 or more points
When I think of a bright and beautiful future, I think of my grandparents. They both had fulfilling careers and now live in a nice golf community with many rich friendships. They travel often. Money is ample; no stress there. The overflow pours out through extreme generosity. When they pass, it is not just their assets that will become a legacy. Their example has flowed to multiple generations and those children and grandchildren know what it looks like to rise above the bills and live with freedom. Stay on the path and you will get there! Don’t stop visiting my blog though - you’ll want to keep learning and stay involved in a community with like-minded people : ).


  1. Such a cute picture! I enjoyed your quiz as well. It definitely gives me some things to think about for sure!