Wise
Women Money Quiz: How Money-Wise Are You? by: Cynthia Fick
Awareness is the first step in gaining
financial freedom.
Test Your Knowledge
Do you know where you stand in terms
of Money Smarts?
The following questions are based
on Oppenheimer Funds research. It only takes a minute to see how much you
know about dealing with money.
1. Sixty-percent of all women end
up managing their own finances at some point in their lives. T or F
2. Most women invest their portfolios
in investments that are too conservative. T or F
3. Most stock market investors get
wiped out at least once in their lifetime. T or F
4. Two thousand dollars is the minimum
amount needed to invest in a mutual fund. T or F
5. You need about 75% of your pre-retirement
income to live comfortable during retirement. T or F
6. If a 45-year old woman plans to
retire at age 60, she can expect to live 21 years in retirement. T or F
7. Between stocks, bonds and CD's,
over the last 30 years bonds have appreciated the most out of any investment
overall. T or F
8. If a woman can afford to invest
only $50 a month she shouldn't bother. T or F
9. A 65-year old woman with an annual
income of $50,000 can expect to have 50% of her income be replaced by Social
Security. T or F
10. A woman's intuitive ability to
manage her emotions around money is one of the most important aspects of
Creating Wealth over the long term. T or F
Answers:
1. FALSE- 90% of all women end up
managing their own finances at some point because of increasing divorce
rates, becoming a widow and because they live longer.
2. TRUE- Most women are too conservative
in their investing.
3. FALSE- Historically not true.
There are periods of decline but over the last 50 years, the market has
shown overall long-term growth.
4. FALSE- You can open a Mutual Fund
automatic account builder program for as little as $25 a month.
5. TRUE- According to studies by
the WEFA Group you need 70-80% of your pre-retirement income when you retire.
That means if you earn $45,000 when you retire, you will need between $31,500
and $36,000 per year during retirement.
6. TRUE- According to the National
Center For Health Statistics, a woman that is 45 who plans to retire at
60 can plan on living 21 years, to the age of 81. Because women live so
long, good retirement planning can make a very big difference in how comfortably
you live throughout your later years.
7. FALSE. According to Ibbotson Associates,
over the last 30 years stocks have been the top performing asset class.
8. FALSE- a monthly investment of
$50 growing at 8% a year would be worth $9,147 in 10 years and $29,451
in 20 years.
9. False- She can expect Social Security
to replace 30% of her pre-retirement income or $15,000 if she had been
earning $50,000 a year.
10. TRUE- You go girl! You KNOW it's
true!!
Information for this quiz was researched
by Cynthia Fick, expert financial planner. Research findings come from
the Oppenheimer Women and Investing Quiz, Ibbotson Associates, the National
Center of Health Statistics and a WEFA Group Study.
Here are your results:
8-10 Correct
Great job! You are a Money-Smart
Woman. You have a solid understanding of the issues that affect women's
financial lives. Are you using those smarts to live the life of your dreams?
Consider meeting with a Financial Coach to complete a Review of your goals
and take a picture of where you are now financially. Come to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Sprecial Report, The Top Five Reasons Why Most Women
Aren’t Wealthy and How You Can Change That, from Cynthia Fick, expert financial
planner. This report divulges the concrete steps to financial happiness.
You can also register for a FREE 60-minute Teleclass entitled, “Wise Women
Are Rich: Three Secrets to Creating Wealth.” Cynthia Fick and Founder of
Coaching from Spirit, Sharon Wilson will teach you simple strategies to
create more financial security and more prosperity. To register come to
http://www.coachingfromspirit.com/rd.cfm?id=24
6-7 Correct
Pretty Good! You are a Financially-Striving
Woman. You've started to grasp how important it is for women to be in control
of their finances. However, you may not be saving enough to meet your financial
goals. Take this opportunity to make sure you are saving enough for retirement
and your other financial needs for the future. Ask yourself, am I living
the life of my dreams? If not, think about what’s holding you back. Come
to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Special Report, The Top Five Reasons Why Most Women Aren’t
Wealthy and How You Can Change That, from Cynthia Fick, expert financial
planner, outlining tips to reach your short and long term goals. You can
also register for a FREE 60-minute Teleclass entitled, “Wise Women Are
Rich: Three Secrets to Creating Wealth.” Cynthia Fick and Founder of Coaching
from Spirit, Sharon Wilson will teach you simple strategies to create more
financial security and more prosperity. To register come to http://www.coachingfromspirit.com/rd.cfm?id=24
0-5 Correct
You are a Financially-Naieve Woman.
You have a bit to learn about your finances, but don't despair! Many women
are in your situation. Just because you lack financial experience doesn't
mean you lack an ability to create wealth. Look at your beliefs about money
and the stories your family had about money when you were growing up to
see if they empower you financially. You also may want to ask yourself
if you are clear on what you want in your life financially. If you are
not where you want to be financially, why not? Come to www.coachingfromspirit.com/rd.cfm?id=54to
receive a free Special Report, The Top Five Reasons Why Most Women Aren’t
Wealthy and How You Can Change That, from Cynthia Fick, expert financial
planner. This free report lays out an easy to understand process to develop
financial security and prosperity. You can also register for a FREE 60-minute
Teleclass entitled, “Wise Women Are Rich: Three Secrets to Creating Wealth.”
Cynthia Fick and Founder of Coaching from Spirit, Sharon Wilson will teach
you simple strategies to create more financial security and more prosperity.
To register come to http://www.coachingfromspirit.com/rd.cfm?id=24
Remember: Financial security is different
from financial happiness. Every woman can have both. Make an effort to
learn more about financial planning and, with the help of a financial advisor
or financial coach, go over your portfolio to ensure that you're investing
to help meet your short- and long-term goals. If you are motivated to take
control of your financial future, come to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Special Report, The Top Five Reasons Why Most Women Aren’t
Wealthy and How You Can Change That, from Cynthia Fick, expert financial
planner. You can also register for a FREE 60-minute Teleclass entitled,
“Wise Women Are Rich: Three Secrets to Creating Wealth.” Cynthia Fick and
Founder of Coaching from Spirit, Sharon Wilson will teach you simple strategies
to create more financial security and more prosperity. To register come
to http://www.coachingfromspirit.com/rd.cfm?id=24
About The Author
Cynthia Fick is the lead partner
of Financial Life Planners, LLC and a Registered Investment Advisor in
a broad range of investments including stocks, bonds, stock options and
mutual funds. She is an expert in Financial and Retirement Planning
as well as Tax and Estate Planning.
ckfick@cox.net
Courtesy of http://www.ArticleCity.com/
