Are you in shape? Take the ‘Summer Shape-up’ quiz.
Written on June 13, 2011 at 7:32 pm, by Rhonda Sherwood
Get the skinny on your financial ‘well being’ by taking the Summer Shape up Quiz.
Quiz
1. I earn enough money each month to pay all my bills? Yes/No
2. I have enough money saved to pay for emergency or unexpected costs? Yes/No
3. I have written financial goals? Yes/No
4. I have a written savings and spending strategy that I follow? Yes/No
5. I know my net worth (what I own minus what I owe)? Yes/No
6. I know where ALL my important financial documents are located? Yes/No
7. I have a Will and Powers of Attorney in place? Yes/No
8. I know where and how my money is invested and I meet with my advisor at least annually to review? Yes/No
9. I have had my insurance needs reviewed within the last 2 years? Yes/No
10. My mortgage and loan payments are less than 30% of my overall income? Yes/No
Please give yourself one point for every yes answer and then add up all your points to see how you did.
|
Score |
My Financial Shape |
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0-3 |
Yikes- You’re at risk of a financial heart attack. Stay calm- it’s never too late to improve your circumstances. Make an appointment right away with your money doctor! |
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4-6 |
You are in ‘ok’ financial shape but may be heading for challenging times. That’s ok- you still have the time to do something about it. |
|
7-10 |
You are in above average financial shape!!! Great job! Your hard work and commitment to your personal financial health is paying off!! |
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|
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If you want to manage your money better and didn’t fare so well on the quiz, don’t get discouraged. This is the time to make a new start. Changing even a few of those ‘no’s’ to ’yes’s’ can make a real difference in your overall financial well-being. Here are a few simple tips to get you started:
· Educate yourself. There are many great websites and books available where you can find useful information depending on your needs.
· Find a qualified financial adviser/coach. If you wanted to lose weight, you might hire a trainer or join a weight loss program. Well if you want to lose your debt or build up your savings, get a good financial advisor/money coach who can create a plan and support you along the way.
· Stick to a plan. Why do diets fail? Because we do not stick with them. Make sure your financial goals/strategies are realistic and attainable. Most importantly, renew your commitment daily and follow through.
Don’t worry if at first you find it a challenge to make sense of your financial health. Like anything, it takes time. The most important thing is to just get started. Set some financial goals, follow a budget and save and you’ll be ahead of most.
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