When it comes to money matters, what you do not know will definitely hurt you! The only way to financial freedom is through continually knowing and learning.
In physical wellness, being physically fit can be attained by exercising. Only when it comes to financial wellness you need to know the basics in Life Insurance, Credits, Investing, some taxation and compounding interests (getting dizzy now?). Don’t you worry, this is what this blog is all about. Making you financially smart slowly and painlessly. All of those could be learned here. Just keep on reading.
But first, why not take a quiz and find out how financially smart are you!
Take the quiz now! This will only take a few minutes. Just answer the questions with YES or NO:
- Do you have enough savings to last you 3-6 months if, for some reasons such as illness or loss of job, you have to stop working?
- Do you have any form of insurance, for example, accident or disability, or life insurance besides what is given in your current work/job?
- Do you have any form of medical insurance?
- Do you have any long-term savings plan such as a pension or educational plan or endowment plan aside from your contribution to SSS or GSIS?
- Are you saving or investing money regularly from your salary?
- Do you know how much you are worth today? Do you have your own Statement of Assets and Liabilities?
- Do you budget your spending and monitor your monthly expenses?
- Have you attended any seminar or read any book on improving your knowledge of personal finance? (if you are regularly reading this blog, you can answer yes)
- Is your monthly debt payment (for consumption purchases or credit card payments) every month less than or just about 20% of your monthly income?
- Do you have a personal plan with specific financial goals based on a specific time table?
SCORING
10 Points for every YES
0 points for every NO
0-40 points: Sorry,but you are: FINANCIALLY UNFIT
– You will face serious danger when you lose your source of income
- What must be done?
– Review expenses and debt payment
– Stop all unnecessary expenses right away
– save 3 – 6 months of monthly expenses as your emergency fund
– get a life insurance right away
50-70 points: You are GOOD POSITION OF FINANCIAL FITNESS
- What should be done?
- Improve financial plan
- Determine personal net worth for your future plan, such as retirement
- Choose the lifestyle you want to maintain
- Estimate how much you will need every year to sustain this lifestyle
- Make sure you have saved 3-6 months monthly expenses as your emergency buffer fund
- get personal life insurance right away if you still does not have
80-100 points: Congratulations YOU ARE FINANCIALLY FIT
– You are on your way to financial independence
- What can still be done?
– Keep up the commitment and discipline to achieve financial well being
– Learn new things to further achieve your financial goals
What is your score? Are you genius in school but financially dumb? Get your daily dose of financial learnings, subscribe here.
When it comes to planning your future, NOW is always the best time to start. To learn more about Life insurance or if you need help with your financial plan/ goals, I will help you make it happen. Feel free to contact me.
I would like to thank Dr. Chris Reynaldo for sharing this quiz to me.
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Thanks for this blog. Such a great blessing. from Baguio-The Steward Sham
hi doc, were you one of my listeners in baguio? 🙂
[…] Know your Financial Health by taking this Quiz. […]
hi po i read ur article about life insurance and some riders attached to it and find it very nice on my part coz im not insured now im interested in getting one with cib and disabilty and i want a lifetime coverage how much is the premium if i get insured thanks po im 42 yo non smoker
Will call you. 🙂
Hi doc pinky, can u advise me regarding where to invest…
hi dra, i PMed you a message. kindly see it po sa FB. thanks
Hi doc pinky can u advise me.on where to.invest?
Hi Mae, Kindly contact me here: docpinky@myfinancemd.com for more personalized transaction and Exchange of ideas. 🙂
Hi doc pinky! Im a new board exam passer and i am moonlighting at present. Im afraid i do not know how to manage my income which is excitingly but alarmingly blooming fast given that i have never been a wild spender. I hope you can help me with some advice. Thank u in advance
Sure doc Louie, please give me a call or text 09258895433. Para we can talk about your plans personally and I can guide you through.
Hello Doc Pinky, do you recommend buying Kaiser healthcare plan?
Hi JV, it depends on your purpose. Define your goals, and look if the Kaiser Plan was able to be in line with your purpose.
hello. JV!
I just want to ask if you proceeded with getting a health insurance from Kaiser? How was it? Your reply will be greatly appreciated! Thanks