How Financially Smart are You? What is Your Financial I.Q. Take the test and Find Out!

When it comes to money matters, what you do not know will definitely hurt you!  The only way to financial freedom is through continually knowing and learning.

In physical wellness, being physically fit can be attained by exercising.  Only when it comes to financial wellness you need to know the basics in Life Insurance, Credits, Investing, some taxation and compounding interests (getting dizzy now?).  Don’t you worry, this is what this blog is all about.  Making you financially smart slowly and painlessly.  All of those could be learned here. Just keep on reading.

But first, why not take a quiz and find out  how financially smart are you!

Take the quiz now!  This will only take a few minutes.  Just answer the questions with YES or NO:

 

  1. Do you have enough savings to last you 3-6 months if, for some reasons such as illness or loss of job, you have to stop working?
  2. Do you have any form of insurance, for example, accident or disability, or life insurance besides what is given in your current work/job?
  3. Do you have any form of medical insurance?
  4. Do you have any long-term savings plan such as a pension or educational plan or endowment plan aside from your contribution to SSS or GSIS?
  5. Are you saving or investing money regularly from your salary?
  6. Do you know how much you are worth today? Do you have your own Statement of Assets and Liabilities?
  7. Do you budget your spending and monitor your monthly expenses?
  8. Have you attended any seminar or read any book on improving your knowledge of personal finance? (if you are regularly reading this blog, you can answer yes)
  9. Is your monthly debt payment (for consumption purchases or credit card payments) every month less than or just about 20% of your monthly income?
  10. Do you have a personal plan with specific financial goals based on a specific time table?

 

 

 

SCORING

10    Points for every YES

0 points for every NO

 

0-40 points: Sorry,but you are: FINANCIALLY UNFIT

–       You will face serious danger when you lose your source of income

  •  What must be done?

–       Review expenses and debt payment

–       Stop all unnecessary expenses right away

–        save 3 – 6 months of monthly expenses as your emergency fund

–       get a life insurance right away

stop expenses

50-70 points: You are  GOOD POSITION OF FINANCIAL FITNESS

  • What should be done?
      • Improve financial plan
      • Determine personal net worth for your future plan, such as retirement
      • Choose the lifestyle you want to maintain
      • Estimate how much you will need every year to sustain this lifestyle
      • Make sure you have saved 3-6 months monthly expenses as your emergency buffer fund
      • get personal life insurance right away if you still does not have

    middle

    80-100 points: Congratulations YOU ARE FINANCIALLY FIT

    –       You are on your way to financial independence

    • What can still be done?

    –       Keep up the commitment and discipline to achieve financial well being

    –       Learn new things to further achieve your financial goals

financialfreedom

What is your score?  Are you genius in school but financially dumb?  Get your daily dose of financial learnings, subscribe here.

When it comes to planning your future, NOW is always the best time to start.  To learn more about Life insurance or if you need help with your financial plan/ goals, I will help you make it happen.  Feel free to contact me.

I would like to thank Dr. Chris Reynaldo for sharing this quiz to me.

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Doc Pinky is a licensed Medical Physician, Internationally Registered Financial Consultant, Certified Investment Solicitor and Associate Wealth Planner and Estate Planner of the Philippines. She loves to educate and spread financial literacy. She is a Lactation Consultant. She loves to travel. She is a devoted wife and mother.

14 thoughts on “How Financially Smart are You? What is Your Financial I.Q. Take the test and Find Out!

  1. SecretWeapon Mangidalan

    Thanks for this blog. Such a great blessing. from Baguio-The Steward Sham

  2. […] Know your Financial Health by taking this Quiz. […]

  3. hi po i read ur article about life insurance and some riders attached to it and find it very nice on my part coz im not insured now im interested in getting one with cib and disabilty and i want a lifetime coverage how much is the premium if i get insured thanks po im 42 yo non smoker

  4. Hi doc pinky, can u advise me regarding where to invest…

  5. Mae

    Hi doc pinky can u advise me.on where to.invest?

  6. Louie

    Hi doc pinky! Im a new board exam passer and i am moonlighting at present. Im afraid i do not know how to manage my income which is excitingly but alarmingly blooming fast given that i have never been a wild spender. I hope you can help me with some advice. Thank u in advance

    • Sure doc Louie, please give me a call or text 09258895433. Para we can talk about your plans personally and I can guide you through.

  7. JV

    Hello Doc Pinky, do you recommend buying Kaiser healthcare plan?

    • Hi JV, it depends on your purpose. Define your goals, and look if the Kaiser Plan was able to be in line with your purpose.

    • Sofia

      hello. JV!

      I just want to ask if you proceeded with getting a health insurance from Kaiser? How was it? Your reply will be greatly appreciated! Thanks

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