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Financial Barometer Quiz

Financial Barometer Quiz

By: Kirk Barr Young, CFP, ChFC, RFC, CLU, CSA CEP, CDFA
BARR Financial Services, LLC

How well have you prepared for your financial future? This self-analysis quiz will give you a quick snapshot of your financial knowledge and help you evaluate your current position. It’s not meant to be a comprehensive test of your abilities or position, just a quick look at where you stand.

Rate yourself from 1 to 10 (10 being the best) for each question. If you scored between 46 and 60, you “may” be in great shape financially. If you scored between 30 and 45, professional financial management may be necessary to help you build a strong financial future. If you scored below 30, take action immediately. This scale is not intended to predict success. It is designed to help identify financial management needs.

1. Are you satisfied with the yield on your savings program? Is it sufficient to cover your living expenses for several months? ______points

2. Does your insurance provide adequate protection in all areas? Do you have sufficient life, disability and long-term care coverage to protect you and your family? ______points

3. Will your retirement plan meet your future needs? Will it provide adequate income to maintain the lifestyle you’d like, even after inflation? ______points

4. Are you satisfied with your investment performance? Are you comfortable with the risk factor? Are your investments well diversified among several different asset classes? ______points

5. Is your tax liability excessive? Are you adequately informed on tax law changes? Are you reducing or deferring as much taxes as possible? ______points

6. Is your estate designed to minimize probate fees and estate taxes. Have you reviewed your estate plan within the last three years? ______points

How well did you score? Many of us have not taken the time to adequately plan for what life has in store for us. We all live a busy lifestyle and making time to plan financially is important, but often overlooked.

If you saved as much money over the next ten years, as you have in the last ten years, how would you feel? How many of you have had your Will updated in the last three years? How many feel you should? Why not…PROCRASTINATION! The most costly and number one reason for financial failure is procrastination. Many of us know we need to address these issues, but it is tough to get around to it. Enough of the lecture, but I hope you understand the sincerity of the message.

A financial professional can assist and motivate you (make you get it done) to address these issues. Seek them out and ask for their help. It is the best investment you can make. You owe it to yourself and your family.

Be the first to find this article helpful.

About the Author

Kirk Barr Young, BARR Financial Services, LLC
400 West Morse Blvd, Suite 220
Winter Park, FL 32789

Contact Author: request info

If you would like to re-print this article, please contact the author.
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