Wise Women Money Quiz: How Money-Wise Are You?

Wise Women Money Quiz: How Money-Wise Are You? Awareness is the first step in gaining financial freedom. Test Your Knowledge Do you know where you stand in terms of Money Smarts? The following questions are based on Oppenheimer Funds research. It only takes a minute to see how much you know about dealing with money. 1. Sixty-percent of all women end up managing their own finances at some point in their lives. T or F 2. Most women invest their portfolios in investments that are too conservative. T or F 3. Most stock market investors get wiped out at least once in their lifetime. T or F 4. Two thousand dollars is the minimum amount needed to invest in a mutual fund. T or F 5. You need about 75% of your pre-retirement income to live comfortable during retirement. T or F 6. If a 45-year old woman plans to retire at age 60, she can expect to live 21 years in retirement. T or F 7. Between stocks, bonds and CD's, over the last 30 years bonds have appreciated the most out of any investment overall. T or F 8. If a woman can afford to invest only $50 a month she shouldn't bother. T or F 9. A 65-year old woman with an annual income of $50,000 can expect to have 50% of her income be replaced by Social Security. T or F 10. A woman's intuitive ability to manage her emotions around money is one of the most important aspects of Creating Wealth over the long term. T or F Answers: 1. FALSE- 90% of all women end up managing their own finances at some point because of increasing divorce rates, becoming a widow and because they live longer. 2. TRUE- Most women are too conservative in their investing. 3. FALSE- Historically not true. There are periods of decline but over the last 50 years, the market has shown overall long-term growth. 4. FALSE- You can open a Mutual Fund automatic account builder program for as little as $25 a month. 5. TRUE- According to studies by the WEFA Group you need 70-80% of your pre-retirement income when you retire. That means if you earn $45,000 when you retire, you will need between $31,500 and $36,000 per year during retirement. 6. TRUE- According to the National Center For Health Statistics, a woman that is 45 who plans to retire at 60 can plan on living 21 years, to the age of 81. Because women live so long, good retirement planning can make a very big difference in how comfortably you live throughout your later years. 7. FALSE. According to Ibbotson Associates, over the last 30 years stocks have been the top performing asset class. 8. FALSE- a monthly investment of $50 growing at 8% a year would be worth $9,147 in 10 years and $29,451 in 20 years. 9. False- She can expect Social Security to replace 30% of her pre-retirement income or $15,000 if she had been earning $50,000 a year. 10. TRUE- You go girl! You KNOW it's true!! Information for this quiz was researched by Cynthia Fick, expert financial planner. Research findings come from the Oppenheimer Women and Investing Quiz, Ibbotson Associates, the National Center of Health Statistics and a WEFA Group Study. Here are your results: 8-10 Correct Great job! You are a Money-Smart Woman. You have a solid understanding of the issues that affect women's financial lives. Are you using those smarts to live the life of your dreams? Consider meeting with a Financial Coach to complete a Review of your goals and take a picture of where you are now financially. Come to www.coachingfromspirit.com/rd.cfm?id=54 o receive a free Sprecial Report, The Top Five Reasons Why Most Women Aren