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Our 7 Qtpies

August 09, 2008

What is your financial IQ?

I went to bills.com and took a financial IQ quiz. It was really interesting to see what the questions were. I got a C, by the way. Finances are not my strong point, but I do think that it would be higher if the questions/answers were worded differently.
So many people need Credit card debt help, but we don't really have a lot of that. Other than our mortgage, we have little debt compared to most of America. I would love to be debt free in the future. I think my score was a bit influenced from not being a career person. I don't have career goals and do not need them, so that lowered my score. I don't invest at all, my husband does a bit, and there was no option to choose about not personally investing.
Overall, the test was neat, though. And the website offers advice on how to fix the answers that are causing problems in your financial life. Like knowing your credit score and paying off high interest cards first, then picking off the other cards.
I like that it also encourages people to have life insurance and wills. We have both. In fact, if Donnie died, we'd be pretty well off. But that's another story. We made a will long ago, and need to update it, but we tried to make it pretty general, like any kids we have and will have in the future are covered, and who gets any property we have, without listing it so we don't have to change things. We even discussed if one or both of us died and who would get the kids and be in charge of the money in all scenarios.
I really encourage everyone to have a will if you are married and especially if you have kids! I don't want my kids split up and I don't want them in a home that does not share our religious beliefs.

So, what is your financial IQ?


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