Financial Quiz answers

Below are the quiz questions with the points for the various answers. Also included are the reasons for the answers to the questions.

1. Do you have written detailed financial goals? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don’t know what your goals are, how are you ever going to know if you’ve achieved them? In the MoneyShift program you will create your goals as well as your very own personal financial plan to achieve them.

2. Do you have a written detailed plan to achieve your financial goals and are actively taking action to achieve them? (Notice the words written and detailed). If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

Even If you have goals, if you don’t have a detailed written plan to achieve your financial goals then you cannot check to see if you are on course for achieving these goals.  Just as you would not hop in your car and take off for a four week trip without a map you need to have a detailed plan on where you want to go and how you are going to get there. The sooner (younger) you do this; the more likely it will be that you achieve your goals.

In addition to having a plan, you need to be taking action in order to achieve your financial and life goals.  Having a plan without taking action will get you nowhere, just like taking a trip with a map and a car with no gas will get you nowhere.  By following the MoneyShift program you will know what your goals are as well as put together your own personal financial plan on how to achieve them.

3. Do you have a written and detailed plan on how you are going to achieve your retirement? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

Everyone wants to retire one day.  That day will come, the question is will you be ready for it.  Will it be the type of retirement you hoped for or one where you are barely getting by on hotdogs and beans?  Having a written detailed financial plan on how you are going to accomplish your retirement goals will greatly help you in achieving your goals.  The sooner you start on this the better your chances of achieving the retirement that you dreamed about.  Keep in mind, nobody plans to fail, they fail to plan.

Following the MoneyShift program you will develop your own detailed retirement plan.  Most importantly though, you will develop the necessary money skills in order to ensure that your plan is realized!

4. Do you know how much money you will need in order to retire? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you know what your retirement goal is you need to know how much it is going to cost you so you can take the necessary actions to ensure that you will have the money you need when you retire. By following the MoneyShift program you will discover how much money you will need for your retirement.

5. Do you know where the money will come from for your retirement and how much you expect to receive from each source? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

6. Do you feel you are totally in control of your money?  If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don’t feel totally in control of your money then you don’t have wealth building money habits.  By following the MoneyShift program you will take control of your money once and for all. If you are not it means that you really don’t have control over your money yet. By following the MoneyShift program you will be in control of your money.

7. Are your relationships free of money issues? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points. If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

Money matters are one of the leading causes of divorce in the USA. If you and your significant other both follow the MoneyShift  program together and agree on which money habits to use – i.e. wealth building money habits then your relationship issues over money should be decreased significantly.

8. Do you have at least 6 months worth of living expenses in a "safe" liquid account (i.e. an emergency fund)? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you were in control of your money and using wealth building money habits you would know that you need to have an emergency fund to protect your wealth in the event of an emergency.  If you lost your job, the answer to the question. “where will the money come from …” is your emergency fund.  By following the MoneyShift program will learn how to “find” money to put into your emergency fund.  Having an emergency fund helps strengthen your wealth assurances cornerstone.

9. Excluding your mortgage are you debt free? (Debt would include - credit cards balances, car loans, personal loans, and home equity loans). If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

Debt prevents you from growing your wealth. For every dollar of debt you have it is one less dollar that you could use to grow your wealth.  By following the MoneyShift program you will learn how to “find” money from your current income to eliminate your debt. Being debt free helps you to strengthen the live on less than you earn wealth cornerstone.

10. Many people often wonder, "where does all the money go?" If I asked you where does all your money go would you be able to tell me exactly where it went, month by month? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don't know where your money goes then you are not in control of your financial life. You can't say you are in control if you don't know where your money goes. Keeping track of your money helps you to strengthen your live on less than you earn cornerstone.

11. Do you save at least 10% of your monthly income? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don’t save money how can you expect to grow your wealth?  You may feel that you don’t make enough money to save at least 10%.  You are not alone; people who earn $15k, $30k, $60 or even more per year all say this.  By following the MoneyShift program I will teach you how by using wealth building money habits you will be able to do this based on your current income. This goes without saying but living on less than you earn enables you to strengthen your wealth cornerstone of live on less than you earn.

12. Do you know what your net worth is? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

This is another way of saying do you know what your wealth is.  If you don’t how can you expect to grow it?  In step one of the MoneyShift program you will determine how much wealth you currently have.

 13. Do you know what your net worth is not including the value of your home? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

A lot of people are house rich and cash poor.  If a large percentage of your wealth is represented by the value in your home you may have less than you think.

14. Do you have in place a risk management plan to protect you from manageable risks such as lawsuits, health problems, emergencies …? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don’t have the appropriate assurances to protect your wealth from others then any wealth you accumulate is at risk of being lost to others.  By following the MoneyShift program you will learn which wealth assurances are necessary to protect you, your family and your wealth from others. If you have a risk management plan implemented along with an emergency fund then you have strengthened your wealth assurance cornerstone.

15. Do you have health insurance that covers you and all dependents? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

Without health insurance you are putting your financial well being at risk.

16. Do you plan and save for major purchases (such as computers, TVs, a car …)? If your answer was yes, give yourself 5 points, if your answer was no you get 0 points.

If you don’t save for these types of items where does the money come from? Credit card? Personal loan? A loan from your retirement plan? If this is the source of money then you are using wealth depleting money habits.  By following the MoneyShift program you will learn proper money handling habits which will enable to grow your wealth.

17. When you buy “things” do you normally pay retail prices (i.e. not on sale or discounted)? If your answer was no, give yourself 5 points, if your answer was no you get 5 points.

If you consistently pay a retail price there is a big opportunity cost between this price and a discounted price.  You will learn in the MoneyShift program that a penny saved is more than a penny earned and how using this concept can greatly increase your wealth. This money habits helps you to strengthen your wealth cornerstone of living on less than you earn.

18. Do you use your credit card(s) more than once a month? If your answer was no, give yourself 5 points, if your answer was you get 5 points.

Using credit cards even if you pay them off is a bad money habit.  Studies have shown that even if you pay off your credit cards in full every month that you end up spending 18% more money than if you always pay with cash or check. If you use credit cards it will weaken your wealth cornerstone of live on less than you earn.

19. In the last year has one of your bank accounts been overdrawn more than once? If your answer was no, give yourself 5 points, if your answer was you get 5 points.

If you overdraw on your bank accounts it means that you aren’t using wealth building money habits.  There is no “good” excuse on why your account was overdrawn. And with the fees that banks charge for this you are just throwing away money.

20. Do you always pay off your credit cards in full before the payments are due?

If you carry a balance on your credit card you are having a negative impact on your wealth.  Using the MoneyShift program you will learn how to eliminate wealth depleting credit balances once and for all.

How did you do?

If your score was between 90-100, you are very fit
If your score was between 80-90, you are fit
If your score was between 70-80 you are moderately fit
If your score was between 60-70 you are somewhat fit
If your score was between 0-60 you are unfit

If your score was 90 or higher:  congratulations! Wow, that is the highest score anyone has ever had, did you answer the questions honestly? If so than congratulations!

If your score was 80-90:  You are definitely on the right track. I would recommend using the MoneyShift program to fine tune your money skills to ensure that your daily choices are strengthening your wealth cornerstones and to ensure that you have a financial roadmap as to how you are going to achieve your financial goals.

If your score was 70-80: I recommend using the MoneyShift program to learn and implement its wealth building money habits and skills.  You need to put yourself on a new financial path and I recommend using the MoneyShift program to be successful with this objective.

If your score was 60 -70: I recommend using the MoneyShift program to learn and implement its wealth building money habits and skills.  You need to put yourself on a new financial path and I recommend using the MoneyShift program to be successful with this objective.

If your score was less than 60: You need to take drastic action now to ensure the success of your financial future, enroll in the MoneyShift program today!