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?

food

clothing

health

housing

cars

insurance

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?)

stocks

bonds

real estate

other

5)  If your spouse should die, how much income would you receive from:

Social Security

Pension Plans

Life Insurance

Other

 

LIABILITIES

 

6)  What is the payoff amount, and interest rate on:

Home Mortgage

Auto

"Plastic"
Loans
Other
Other

 

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 prove ownership of them (where are the files?)

 

12) Where are the vital records kept?

Social Security cards

Tax records

Car titles

Deeds

Military records

Credit Card info

 

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:

Home

Title (home)

Health

Car

Life

other

 

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!

 

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!

 

What is your share of the U.S. debt?

>>

    "'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>>>>

     

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