Financial Education Quiz

Financial education is critical to achieving your short- and long-term financial and housing goals.

Start by educating yourself about managing debts, investing, building wealth and planning for the future.

1

Which of the following are considered high-priority debts or expenses?

All of the above. Failure to pay these debts and expenses can have serious consequences that range from financial penalties to jail time.

question 1/5

2

True or false: You should put off paying high-interest debts because they are more expensive and take longer to pay off.

False. Debts that accrue interest at higher rates only become more expensive over time. In addition to limiting the amount of interest you will pay, making regular on-time payments to your creditors will have a positive impact on your credit score.

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3

When should you start investing your money?

Before you invest, you should build an emergency fund of at least three to six months of living expenses for those unexpected life situations. Once you’re ready to invest, it’s important for you to speak with a financial planner or investment advisor to find the strategy that best meets your goals and your risk tolerance.

question 3/5

4

What are the three pillars of building wealth?

Your approach to building wealth should be personalized to your specific situation, but you can base your plan on three main pillars: accumulate, preserve and protect.

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5

When you are ready to start the estate planning process, who should you contact?

The estate planning process involves professional advisors such as your lawyer, accountant, financial planner and others.

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