If you ever wondered if you’re more like Warren Buffett, MC Hammer, or Macaulay Culkin, you’ve come to the right place today :)
I stumbled across this “2-Minute Financial Assessment” by the folks at co-opcreditunions.org, and it basically gives you a general look at how you’re doing with your finances right now. Pretty basic stuff like you would have learned in Personal Finance 101 if such a class ever existed (and if you’d had paid attention which you probably wouldn’t have since they’re ALWAYS SO BORING and not cool like they should be!), but regardless it’s a fun way to start the week because, well, we’re nerds like that.
Come on, give me a fist bump:
(that’s a real tattoo)
Anyways, this quiz came out of celebrating Financial Awareness Month which was April, but since EVERY month is Financial Awareness Month here the spirit continues on :)
Now let’s take the quiz and see how we score!
My answers are next to each question, and the three options you have are “Always, “Sometimes” and “Never.” Here we go!
- I pay my bills on time. (Always! Easiest thing we have in our own control.)
- I save 10% or more of my income each month. (Always, though fluctuates throughout the year)
- I keep three months net income in a “rainy-day fund.” (Almost always – currently not that hot)
- I plan ahead and save for large expenses. (Sometimes – this is my weakness…)
- I set and keep financial goals for myself on a regular basis. (For the most part, yeah. I only ever have two main goals – Max out my retirement accounts every year and don’t go in debt :))
- I follow a set budget each month. (Kinda… I don’t track every last penny like I used to, but we’ve gotten good at spending roughly the same amount each month which is kinda like budgeting?)
- I shop around and compare prices before making a major purchase. (Always! So easy to do with the online world now – I just click my honey button before checking out!)
- Regularly check my credit report. (Of course ;))
- I examine my checking account statements each month. (Yep – and credit card statements too since we put a bulk of everything there for easy tracking and getting rewards (which we pay off in full each month))
- I look for ways to become more financially aware and educated on a regular basis. (Everyone should answer this one with flying colors! You’re on a personal finance blog! :))
Here’s the answer key: Always = 2 points, Sometimes = 1 point, and Nevers = 0 points
- Get 15 points or more and you’re channeling Warren Buffett – woo!
- Get 10-14 points and you’re like MC Hammer (Boo?)
- Get 9 or less and you’re rockin’ Macaulay Culkin, haha… Because “you have no idea what has happened since the 1990s, which might be the last time you checked your credit score.”
How’d you fair? Beat my 18’ish score like a Buffett? Anyone a Culkin? :)
I’d hope most of you are doing well or else I’m sucking at my job here, but what matters most is that you CAN answer them regardless of whether it’s a positive or negative answer. You have to know what you’re dealing with in order to improve upon it (which is why I’m always stressing net worth tracking up in here), and these questions are a great starting point to wrapping your head around things. Especially if you’re new to the $$$ world.
With that one wrapped up, though – how about another? Or even two? Who needs to work today? ;)
Here are two more quizzes by the same group (CO-OP), but more on the fluffier side with lots of pretty pictures to click on and insights regarding your partying style, haha… True story.
I was a “Gazer” on that first one – always “dreaming big” and having an idea of how I want to live my life (about 75% accurate), and then a “Late Bloomer” on the grown-up one which pegged me dead on:
“You’re no financial wizard and have had your share of lessons learned. But these days, you’ve come into your own when it comes to budgeting, saving, and spending. By adopting good habits and sticking to them, you’re on your way towards building financial security. Keep up the good work, and remember that you’re setting yourself up to have and enjoy the things that are important to you.”
Yup! Took me 27 years to finally have my epiphany, and then another 7+ more to get things humming along nicely… And life’s still a work in progress! But what matters most is that we keep pushing forward and are incrementally getting better with each passing day. Despite having our “moments.”
Welcome to another Financial Awareness Month :)
Big thanks to Money Ning for pointing out these beautiful quiz makers
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!