A financial fitness test for parents

3 Replies

Hello BP, this past weekend I was in Toronto, Canada and read the The Globe and Mail paper. There is an interesting 10 questions quiz that I thought of sharing with you.

So, if you have a few minutes, I challenge you to test your financial fitness as a current or future parent at the link below.

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/financial-fitness-quiz/article24937089/

Thanks for the link. It's not a bad survey, but the answers are definitely geared for the general population rather than for people likely to be financial outperformers.

For example, a young adult should move back home after college in order to save for a house. My girlfriend and I did that, and it's a spectacular idea. This survey disagrees. In order to get rich, you have to beat your peers. Living rent/mortgage-free for a while is one of the best ways to do that.

Future parent here.

I kind of disagree with some of the answers, like Jon mentioned above. For example, interest rates ARE a bargain right now - as long as you're using them to get a good ROI. And it IS ok to use debt/interest to acquire assets that appreciate (like houses), that also give you a ROI. This is called leverage, and can help a young person like me build wealth and income much faster than paying for an investment with all cash.

@Kimberly T.

 @Jon Kepler

I am in agreement with both of your reasonings. The author's selections are not far off though and can be used as a yardstick for basic measurement of financial prowess.

Thanks for your feedback and time spent with the quiz.

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