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Can you manage your finances?
It takes more than technical know-how. You also need the motivation to pursue a tedious project and the discipline to update your plan from time to time. See if you have what the experts say it takes.
1.
How often do you balance your checkbook?
Every month.
Occasionally.
Never.
2.
Have you ever worked out a budget and followed it?
Yes.
No.
3.
After certain deductions and gifts to your spouse, what is the maximum the federal government allows you to bequeath to your heirs tax-free?
$300,000.
$3.5 million.
$1 million.
$1.5 million.
4.
To qualify for a mortgage loan, the total of your monthly debt payments (including the mortgage payment) should never exceed what percentage of your gross monthly income?
15%.
25%.
30%.
40%.
5.
The Rule of 72 states that:
The money you need to retire is approximately 72 times your annual income.
The time it will take for your money to double is 72 divided by a given interest rate.
If you save only 5% of your income a year, the earliest you can retire is age 72.
You really should retire by 72 at the latest.
Data providers
Copyright © 2009
Thomson Reuters
.
Click for Restrictions.
Quotes supplied by
Interactive Data
.
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