 |
|
02-15-2014, 03:33 PM
|
#1
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2010
Location: irradiated - too close to the nuclear furnace
Posts: 1,294
|
Test Your Money Smarts
I stumbled across this quiz in an Allan Roth column Avoid Money Problems by Age-Proofing Your Finances - AARP. So out of curiosity I took it because Allan said
 Quote:
|
I took the quiz and aced it. But I'm a financial planner, and, at 56, I'm at the peak of my financial competency, according to a study based on this quiz by Michael Finke and Sandra Huston of Texas Tech University and John Howe of the University of Missouri-Columbia. Financial-acuity scores drop by about a percentage point every year after age 60, the study finds.
|
and gee whiz I got 15 out of 16 correct. I only spent the time it took to read the question and answers, IMO all the answers were obvious. Am I as smart as Allan? Probably not but I wonder if anyone thinks these questions are hard?
The one that tripped me up was #8 and I did think about it for a while. I was uncertain but based upon my analysis of the question and possible reasons for the correct answer I guessed and it was wrong. OK I'm not perfect! 
How did you do?
Test Your Financial Knowledge and Compare With Others Your Age - AARP
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
02-15-2014, 03:44 PM
|
#2
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
|
Fun!
All correct.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
|
|
|
|
|
02-15-2014, 03:44 PM
|
#3
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
|
16 out of 16. Easy enough for anyone who reads this forum, reads Kiplinger or Money magazine or watches Suze.
I saw my score and all the Q and As at the end but not how my score compares with others my age.
__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
|
|
|
|
|
02-15-2014, 03:53 PM
|
#4
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
|
Whoo hoo! I got 16 out of 16. I did have to guess a little on #8 because unlike that big bald guy who ran for president a few years ago and Fonzie I know nothing about reverse mortgages
|
|
|
|
02-15-2014, 03:59 PM
|
#5
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,891
|
Pretty basic - I can see getting tripped up on #8, I thought about it and could have justified the 'wrong' answer, but got it right for 16/16.
-ERD50
|
|
|
|
|
02-15-2014, 04:03 PM
|
#6
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
I too missed 8 because I figured the lender would be looking at the worst-case scenario of a rate hike immediately after the loan was issued and base the lending criteria on that. I forgot how short-sighted they are.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
02-15-2014, 04:09 PM
|
#7
|
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
|
Either the quiz was really simple or I'm really smart. 16 for 16. OK, bring on the snide remarks. 
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
|
|
|
|
|
02-15-2014, 04:30 PM
|
#8
|
|
Recycles dryer sheets
Join Date: May 2013
Posts: 307
|
16 out of 16. I think most denizens of this site will find it fairly easy.
__________________
Retired Jan 2014 at 48.
|
|
|
|
|
02-15-2014, 04:38 PM
|
#9
|
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
|
I only got a couple right. But I don't have to worry about financial stuff since my advisor got me fully invested in a long-term variable annuity indexed to leveraged Venezuelan beaver cheese futures.
|
|
|
|
|
02-15-2014, 04:48 PM
|
#10
|
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
|
Quote:
Originally Posted by braumeister
Venezuelan beaver cheese.
|
Probably goes good with beer.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
|
|
|
|
|
02-15-2014, 05:03 PM
|
#11
|
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,999
|
Nice test. Got them all right. I tried the retirement quiz though and got 4 of them wrong. I guess I'm not an expert on retirement yet!
|
|
|
|
|
02-15-2014, 05:56 PM
|
#12
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,570
|
Got 16.
But only got 5/10 on Social Security.
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
|
|
|
|
|
02-15-2014, 06:12 PM
|
#13
|
|
Thinks s/he gets paid by the post
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 1,159
|
16 out 16 
|
|
|
|
|
02-15-2014, 06:43 PM
|
#14
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 2,171
|
I missed #15. I've never had to choose a life insurance policy, and don't know one kind from another.
|
|
|
|
|
02-15-2014, 07:00 PM
|
#15
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,891
|
Quote:
Originally Posted by Walt34
I too missed 8 because I figured the lender would be looking at the worst-case scenario of a rate hike immediately after the loan was issued and base the lending criteria on that. I forgot how short-sighted they are.
|
That's where I was going too. But then I wondered if they were just figuring based on interest rates and current payment, and a fixed is usually cheaper, so that influenced me. Could have gone the other way just as easily.
No snide remark required, I think BOTH are true ( aside form #8, which I don;t see as 'hard' just how you view it) . At least that's my story.
-ERD50
|
|
|
|
|
02-15-2014, 07:29 PM
|
#16
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
|
I scored 14 of 16. Two of the insurance questions at the end got me. I do not agree with #14's answer, as I valued the answer I made over the one it said was "correct." Number 15 I had no clue whatsoever, being that I am single with no kids.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
|
|
|
|
|
02-15-2014, 07:35 PM
|
#17
|
|
Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,532
|
I aced it also. I kept worrying that the questions would get harder and I would not know what they were talking about. It was easy.
|
|
|
|
|
02-15-2014, 08:00 PM
|
#18
|
|
Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
|
15/16. I goofed on the question about the different types of life insurance (whole life, universal life, and renewable term). I have never bought life insurance, so know very little about it.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
|
|
|
|
|
02-15-2014, 09:43 PM
|
#19
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,373
|
100%
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
02-15-2014, 10:13 PM
|
#20
|
|
Moderator
Join Date: Oct 2010
Posts: 10,725
|
It never asked how old I was, so doesn't know how old I am, so can't "compare to others my age". I got 'em all, but had warning to burn a bit of sawdust on 8.
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
