We all need an opportunity to gain a perspective from an outside source.
Rutgers University created a financial fitness quiz that I think can be valuable to anyone who desires a financial assessment.
I encourage anyone who reads this to Google “Rutgers Financial Fitness Quiz.” The search will lead you to a two-page PDF document. This quiz asks twenty questions concerning several aspects of personal finance.
Each question is answered by how frequently a particular activity is completed. If a specific activity is always completed, then 5 points are awarded if an activity is never completed, then a score of one.
At the end of the quiz, total up the score. Those with the best financial habits will have a score between 81 to 100. Those with the worst financial habits will have a score under twenty. The quiz offers a short piece of advice based on your score.
If you take this quiz and have a score below forty, you need serious help. It is time to get educated financially and begin to make good decisions. It is never too late, and even small choices can improve your life quickly.
I’ve learned over time that those who read this column or any other financial column tend to make sound financial decisions and may not need this financial fitness quiz. I hope this quiz gets shared with those who need help.