Six Questions on Finances
Six Questions to Help Determine Your Financial Health
Excerpt:
- How confident are you that you could come up with $2,000 if an unexpected need arose within the next month?
- Have you ever tried to figure out how much you need to save for retirement?
- On a scale from 1 to 7 (where 1 = strongly disagree and 7= strongly agree), how strongly do you agree or disagree with the following statement: I have too much debt right now.
- Suppose you had $100 in a savings account and the interest rate was 2% per year. After five years, how much do you think you would have in the account if you left the money to grow?
- Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After one year, with the money in this account, would you be able to buy…
- Do you think the following statement is true or false? Buying a single company stock usually provides a safer return than a stock mutual fund.
Comment: This week we had to replace a motor-mount on our Buick. Another question: If someone gave you $ 10,000 what would you do with the money?
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Q1 = "This first question of the test assesses financial fragility–or the ability to mobilize resources when facing a shock. "
ReplyDeleteQ4: Where can you get 2% per year in a savings account?
Comment: If one's answer to Q1 is "no", it's a dumpster fire!
I doubt the readers of the Wall Street Journal need (anymore) to ask these questions
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