"Do you know a FICO from an IRA?" So asks the Fine Living television network's new Money IQ test.
I just took it: 10 questions, lots of hints, entertaining and educational videos, and a final score of 10 out of 10. Whoo hoo! I found the quiz just fascinating, though I disagree with the traditional stock/bonds division for figuring growth (as many of you have learned through "The Bottom Line," there are many other ways to incur IRA growth outside of stocks and bonds).
Incidently, the verbiage for this Money IQ test from Fine Living seems to take a few clues from this column here on Gather... See what you think.
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Comments: 38
We're all in this together Connie. Everyone's a money maven!!
I wish you could share some easy steps to saving when the bills are more than the check. The unnecessities have already been cut out. Is there some real money to be had by working online??? Honest money but dependable?
My Daddy taught us that it is important to give an honest days work as it is to get paid an honest pay. I still hold true to that. I work hard and do not expect anyone else to work any harder than I do.
Thanks for stopping in Prima Donna. Sorry about the missed questions.
I'm glad to have learned more about this topic :) Thanks!
Glad to hear you too are thinking about whether or not you agree with the information passed out by others on how to manage your finances.
Thanks for the insight J. Corn. I understand what you're getting at in what wresponse to unsecured wills that could be altered to someone else's benefit. If that happens though, let's hope the victims can quickly figure out the perpetrator and prosecute that person for would indeed be a crime (forgery at least).
I scored 4 out of 10, but once I went back over the questions I wanted to smack myself on the forehead. I just sort of breezed through it.
The right answer is:
NEVER EVER carry a credit card balance. If you can't pay it, don't charge it.
I don't care if its interst free , or earning airline points or any of that nonsense. 99 % of americans cannot handle unsecured debt properly, and should be advised to avoid it at all costs.
The ones that can handle it are not looking for advice.
But I'm with you about never carrying a credit card balance. For many this will need to be their long-term rather than near-term goal. At the very least, look into balance transfers at 0 percent interest until the balance is paid down. After all, 0 percent "loans" are another way to use OPM (other people's money), often recommended as a solid financial strategy. However, a person using the latter strategy must be vigilant about paying the balance down before the introductory period expires, especially since sometimes the new interest rate can be back-dated to the first day of the charge. Note that this is NOT an excuse to spend more....
I've used the above strategy successfully, paying down the balance in full before the 0 percent interest period expired, but I've heard of many others who've been stung. Your advice is sage. Thank you Pat for weighing in.
Leave us a message there, ask questions on how we cut areas, and what we have been doing to increase net worth. We started this in January and it will end (as far as the contest) in November. But not end for the rest of our lives. This is lifelong planning we have been doing.
Me too Karen. No worries. Maybe you're one of those that can do the math problem but just can't figure out how to show the progression on paper.... ; ) It happens all the time.