FINANCIAL PREPAREDNESS
QUIZ
"Am
I so well informed about money matters that I could wisely handle the family
finances if my spouse were to die or be incapacitated?"
Take the quiz
and find out! Be truthful with yourself and don't worry about exact amounts.
(Feel free to
copy - best to copy and paste into a word document first)
INCOME
AND OUTGO
1)
How much money does the family spend each month on basic living expenses?
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food
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clothing
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health
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housing
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cars
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insurance
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2)
How much income do you and your spouse receive monthly? (Gross and Net)
3) What deductions (and/or
taxes) are taken from your paycheck(s)? How many tax exemptions do
you take?
4) How much income
do you make in: (and what rate of return are you getting?)
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stocks
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bonds
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real
estate
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other
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5)
If your spouse should die, how much income would you receive from:
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Social
Security
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Pension
Plans
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Life
Insurance
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Other
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LIABILITIES
6)
What is the payoff amount, and interest rate on:
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Home
Mortgage
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Auto
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"Plastic"
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Loans
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Other
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Other
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ASSETS
7)
What is the Equity in your home?
8) If you liquidated
your stocks, bonds, mutual funds, and other Securities, what would they
be worth today?
9) How much
is your car, jewelry, coin collections, guns, computers, antiques, and
other tangible
property worth?
10) Are these Securities
and property in your husbands' name or are they jointly owned?
11) Where are the investments
and properties located or where are the papers that proveownership of them
(where are the files?)
12)
Where are the vital records kept?
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Social
Security cards
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Tax
records
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Car
titles
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Deeds
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Military
records
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Credit
Card info
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BANKING
ARRANGEMENTS
13)
Where are your financial files?
14) In what bank(s) you
and other family members have accounts?
15) How much is in the Savings
account(s)?
16) How much is in the Checking
account?
17) Where are the bank statements,
canceled checks, passbooks, stock certificates and
bonds kept?
18) Do you have a Stockbroker
or do you know how to find out what your stocks and bonds are worth?
19) Do you keep a separate
list of US Government Bond serial numbers and denominations?
20) Does your spouse have
a safe deposit box?
21) Where is the key and
do you have access to it?
INSURANCE
POLICIES
22)
What kind of Insurance policy do you own and how much is the coverage?
(Group, Term, Whole Life, Universal)
23) How would these policies
pay off? (lump sum, installments for a period of time, installments for
life)
24) Are you AND the children
insured?
25) Are there any loans
out on any of the life insurance policies? How much?
26) What insurance do you
carry on the house and car?
27) What benefits can the
family collect from Disability or Accident Insurance? Health Insurance?
(Does the company your spouse works for have any special provisions and
how many month will you have to wait to collect benefits?)
28) If your spouse is a
Veteran, are you aware of any benefits they can receive? Is there aVeteran's
claim number?
29) Where do you keep all
policies and premium receipts? (How would you replace your policies if
you lost them?)
30) What's the name of the
insurance companies for:
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Home
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Title
(home)
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Health
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Car
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Life
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other
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RETIREMENT
PROGRAMS
31)
Is your spouse covered by a company retirement plan? (401K, Profit Sharing,
Stock Option,
other?)
32) What benefits are available
for you under this plan if he/she dies?
33) Does your spouse have
a private retirement plan? (I.R.A., KEOGH, other?)
34) How much is in those
plans, where are the funds invested, and what is the rate of return?
YOUR
SPOUSE'S ESTATE
35)
Does your spouse have an up to date Will?
36) Where is the Will?
37) Do you have ready access
to it?
38) Who has been appointed
Administrator, Executor, Co-Executors, Trustees, and/or Guardians?
39) If a special item is
to go to a particular person, IS IT IN WRITING?
40) Would any inheritance
or estate taxes have to be paid?
41) Has your spouse set
up a TRUST?
42) If your spouse owns
a business, what arrangements have been made for it's operation or sale
should he/she die?
PEOPLE
YOU SHOULD KNOW
43)
Who is your lawyer?
44) Who is your Stock Broker/Investment
Counselor?
45) Insurance Agent?
46) Realtor?
47) Tax Accountant or C.P.A.?
48) Does anyone hold a Power
of Attorney for you or your spouse?
49) Name, address, and phone
number of all Employers.
50) Who do you call at your
spouse's company who can spell out company medical and death benefits?
51) What are the names and
addresses of your spouse's relatives? (Does someone keep an address book?)
OTHER
CONSIDERATIONS
52)
What is the location of personal property inventory lists (in case of fire)?
53) Are all contracts IN
WRITING? (Does anyone owe you money?)
54) Do you have birth and
marriage certificates in a safe place (extra copy with a relative)?
55) Do you have your spouse's
genealogy, life story recorded?
56) Do you have an emergency
fund? (How much?)
57) Do you know your spouse's
Social Security number?
58) Do you have a pre-arranged
funeral agreement? (burial plot)
59) If your husband is Self
Employed, where are all the documents pertaining to his business and what
will you do with them?
60) Have you talked to your
spouse about whether you should sell the house?
How
did you do?
52 - 60?
Great! You are the one who handles the family finances.
42 - 51?
Not Bad! You probably know more than most.
34 - 41?
You are Average and very insecure. Have a talk with the spouse.
27 - 33?
Not good. Have a LONG talk with the spouse
Under 27? DANGER!
You are setting yourself up for major financial grief!
If
you are in debt and need assistance, take the Chapter
7 means test to see where you stand and what steps you can take to
get back on track.
What
you don't know can and will hurt you!
Now,
and not 'later' is the time to be prepared financially.
Be
sure and give your spouse this quiz and see if he/she can do better!
>>
Healthy
Finances
Preparedness
"'Now, I, the Lord, am not well pleased with the inhabitants
of Zion, for there are idlers among them; and their children are also growing
up in wickedness; they also seek not earnestly the riches of eternity,
but their eyes are full of greediness. 'These things ought not to
be, and must be done away from among them,' (D&C 68:31-32). We see
evidence of many parents who overindulge their children without adding
sufficient training about the value of work." L.
Tom Perry>>>>
>>
Keep the BALANCE
in your life!
SPIRIT>MIND>BODY>FAMILY>FINANCES>SOCIETY
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