QUIZ: How financially fit is your financial future?

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Question 1: Savings

You have lost your way with savings and need to re-establish a plan. You spent all your savings on a renovation and now there is no buffer. So, you’ve decided to save three months’ worth of your salary, but you don’t seem to have anything left over each month. To kickstart the process, you know what you need to do:

a) Apply for a higher-paying salary so you have more leftover to set aside

b) Wait until your expenses naturally decrease and then start to put a little aside

c) Stop paying the credit card or other outgoings for a while to find those saving dollars

d) Forgo some luxuries and “nice to haves” for a while

Question 2: Property

You’ve always dreamt of owning your own home, and so your financial goal is to get on the property ladder. Still, saving for the deposit is taking time. Progress is slow with other expenses competing with your savings dollars. To get into the market sooner, you decide to:

a) Pull back on all “nice to have” expenses and stop paying some essentials too

b) Invest your existing savings after speaking to a financial adviser

c) Find a bank willing to lend you even more money

d) Gamble it all at the casino… risk big, win big!

Question 3: Alternative Investments

Now that you have a decent savings buffer, you’d like to start investing the money you save so that it grows faster. You have a property and some shares and have heard about things like crypto and hedge funds. So, you take $5000 and you:

a) Give it to a mate who has a cryptocurrency account, whatever that is…

b) Make a booking with a financial planner to understand your alternative investment options

c) Remember hearing a lot about gold being a good investment, so set out to buy some

d) Start looking to buy art that seems likely to increase in value one day

Question 4: Money & Relationships

If something were to happen to your partner and you needed to step in and immediately manage all elements of your financial life, you would:

a) Hit panic buttons. You are in the dark on financial matters

b) Be kind of okay - you know what bank the mortgage is with and have savings

c) Hit the ground running. You’re both on the same page financially and make decisions together

d) Be worried about money, as you are given set amount each month

Question 5: Tax Time 2022

Every time you hear the word tax, you vomit a little. You’ve left it too long, have lost track of your expenses, and are freaking out that you’ll get a massive tax bill you can’t afford. As a next step, you decide to…

a) Engage an accountant to help you figure out all out efficiently

b) Stick your head in the sand for longer. The ATO won’t chase little old you…right?

c) Lodge a simple return but don’t disclose everything to avoid the hefty bill

d) Decide that tax just isn’t all that important and stop stressing

Thank you for taking our Financial Fitness Quiz!

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