Description

This was a quiz in Forbes magazine a few years ago. Most people only get 2 correct…

1. As a general rule, how many months' expenses do financial planners recommend that you set aside in an emergency fund?

• a) 1 to 3 months
• b) 3 to 6 months 
• c) 6 to 12 months
• d) 12 to 15 months

Correct Answer: The correct answer is C, which is "6 to 12 months."

 2. If you have too many credit cards, what should you do?

• a) close as many as possible
• b) request a higher credit limit
• c) be cautious about closing credit cards
• d) close the cards with the lowest balances

Correct Answer: The correct answer is C, which is "be cautious about closing credit cards."

3. If a late payment is sent to a collections agency, how long will it remain on your credit history even if you have paid it off?

• a) less than a year
• b) 1 to 3 years
• c) 4 to 5 years
• d) 6 to 7 years

Correct Answer: The correct answer is D, which is "6 to 7 years."

4. What is the formula for calculating your net worth?

• a) assets minus liabilities
• b) liabilities minus assets
• c) assets plus liabilities
• d) assets divided by liabilities

Correct Answer: The correct answer is A, which is "assets minus liabilities."

5. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After one year, would your ability to buy something with the money in this account be:

• a) more than today
• b) less than today
• c) exactly the same
• d) don't know

Correct Answer: The correct answer is B, which is "less than today."

6. Which of the following about Federal student loans is NOT true?

• a) For certain federal loan programs, the interest on your loan is paid by the government while you are in school or during grace periods.
• b) Your parents must sign a promissory note before loan funds are distributed.
• c) Entrance loan counseling for all first-time borrowers is required.

Correct Answer: The correct answer is B, which is "your parents must sign a promissory note before loan funds are distributed."

So to c

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About the Podcast

If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.

Stephen is an executive coach that works with ambitious people to build the life that they want, personally and professionally.

This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!

Reaching that first $100k milestone is crucial and then the game changes.

Learn how the wealthy view time, energy and money so you can apply these proven strategies to your life.