Home|Who We Are|Our Services|Resources|News Center|Contact Us|Client Access
More Articles  Printer Friendly Version


Test Your Personal Financial Knowledge In 30 Seconds

5054 1

If you go to cocktail parties or meet regularly with colleagues for a few years, then you almost certainly witness people speaking without knowing what they’re talking about. Humans are generally overconfident about their knowledge of everything, including personal finance. To help assess your personal financial IQ, here’s a 30-second quiz.

1. The Standard & Poor’s 500 index:

A. is up about 77% since March 23, 2020

B. is down about 17% since January 1, 2022

C. is up more than 50% over the past five years

D. all the above

2. The U.S. Index of Leading Economic Indicators

A. recently began surging

B. has declined for 12 straight months

C. signals a recession is likely

D. signals a recovery is likely

3. In February 2022, rules implementing the SECURE Act, which was signed into law December 2019, changed distribution rules on federally qualified retirement plans, including IRAs, and it will change retirement funding and estate planning decisions for millions of Americans.


4. It’s too late to fully fund your IRA or 401(k) for 2022 to save for retirement and lower your tax bill?


5. The $12 million individual estate tax exclusion will be slashed to $6.2 million ($12.4 million for married couples)


If you incorrectly answered 3 or more questions, congratulations on discovering that you’re not a financial wizard. Most people are not financial whizzes but they never know it. Knowing personal finance is not your thing can be a strength. Let us know if you want to delegate financial and tax planning to our firm. If you answered four or five questions correctly, let us know if you need help implementing a strategic plan.

Answers: 1 D, 2 C, 3 T, 4 F, 5 T

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

Email this article to a friend

Fed Hikes Rates 0.25%, Balancing Risks of Inflation and Bank Runs
Chances Of Contagion Subside
Basics Of A Retirement Income Withdrawal Plan
What You Need To Know Before Investing In A Self-Directed IRA Account
Financial Consumer Alert: Long-Term Care Insurance Policies
After 20 Years, America Is Rethinking Social Media
At A Unique Moment In Financial History, Five Takeaways From Fed Chair's Press Conference
Developing Portfolio Return Expectations
Why Investors Like Our Financial Commentary
What To Do Now To Build Wealth
The New Rules On Retirement Affect Americans Of Any Age And Income
Sweeping New Law Changes Retirement Planning In 2023
You Can’t Trust The Phone Number On The Back Of Your Credit Card Anymore
American Exceptionalism Is A Legitimate Financial Philosophy
Investor Note: Post Pandemic Inflation Crisis Highlights U.S. Exceptionalism
Federal Reserve Likely To Dial Back Rate Hikes But They’re Far From Over

This article was written by a professional financial journalist for Responsive Financial Group, Inc and is not intended as legal or investment advice.

©2023 Advisor Products Inc. All Rights Reserved.
© 2023 Responsive Financial Group, Inc | 204 W Wing St, Arlington Heights, IL 60005 | All rights reserved
P: 847-670-8000 | F: 847-590-9806 ben@rfgweb.com |
Disclosure | Contact Us
Responsive Financial Group, Inc. is a fee-only registered investment advisory firm in the State of Illinois. Information on this site is compiled from multiple locations and is believed to be accurate. Incorrect information may come from these outside sources. Should you notice anything please notify us immediately. Thank you!