1.14.2017

Six Questions on Finances



Six Questions to Help Determine Your Financial Health

Excerpt:

  1. How confident are you that you could come up with $2,000 if an unexpected need arose within the next month?
  2. Have you ever tried to figure out how much you need to save for retirement?
  3. 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.
  4. 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?
  5. 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…
  6. 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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2 comments:

  1. Q1 = "This first question of the test assesses financial fragility–or the ability to mobilize resources when facing a shock. "

    Q4: 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!

    ReplyDelete
  2. I doubt the readers of the Wall Street Journal need (anymore) to ask these questions

    ReplyDelete

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