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After you take the quiz and get the answers, you’ll be much more savvy about personal finance and more competent in handling your money and making wise decisions than the vast majority of Americans.

Q.1) Since 1929, how many market crashes have there been in which the Dow Jones Industrial Average took at least 16 years to return to pre-crash levels?

Q.2) What percentage of mutual funds, financial experts, and investment advisory services under perform the overall market and comparable indexes?

Q.3) How much of the value of your savings will be consumed over the next 35 years, if you pay fees of 1% per year and your returns average 7% per year?

Q.4) The top-performing mutual fund for the decade ending December 31, 2009, enjoyed an 18% annual return. What annual return did the fund’s typical investors actually receive?

Q.5) If you own a $20 stock and it goes up by 40%, how much money did you make on that stock?

Q.6) The Pension Protection Act of 2006, passed by Congress, is about 401(k) retirement plans. Who does this law protect?

Q.7) If someone had made a $10,000 investment in gold in 1802, how much would that investment have been worth in 2008 (206 years later), after adjusting for inflation?

Q.8) Investors are often advised to invest in asset allocation mutual funds, which spread your money among a blend of equities and fixed-income funds. In theory, this reduces the risk of loss. What annual return did the average investor in asset allocation funds realize over the last 30 years?

Q.9) Many people today say they’ll just keep working to make up for their retirement savings shortfall. But that may not always be an option. What portion of current retirees were forced out of work earlier than they planned?

Q.10) If you take distributions from a 401(k), IRA, or other tax-deferred retirement plan before you’re 59½, in most cases you’ll pay:

Q.11) In a tax-deferred government-approved retirement account, such as a 401(k) plan or an IRA, when must you start taking required minimum distributions (RMDs) and paying taxes on the distributions?

Q.12) Many 401(k) plans allow workers to take loans up to certain limits from their accounts during their employment. If you lose your job or leave the company for any reason, how soon must you pay back your loan (plus interest), in order to avoid owing income taxes plus a 10% penalty?

Note: Government-sponsored retirement plans have more strings attached to them than a puppet. Your money is essentially in prison

Q.13) One of the biggest appeals of 401(k) plans and IRAs is that they let you defer paying income tax on the money you place in them. How much can you expect to save by deferring the tax?

Q.14) What is the difference between saving and investing?

Q.15) What is the definition of a liquid asset?

Q.16) If you pay cash for a $25,000 car (meaning you pay for it up front, and you don’t make payments to a finance or leasing company), what is your actual cost to purchase the car?

Q.17) What return on investment do you receive on the payments of principal you make into your home as you pay down your mortgage?

Q.18) How much money will a typical 65-year-old couple retiring today need to cover out-of-pocket health care costs during their lifetimes?

Q.19) At least 70% of people over 65 will require long-term care services at some point, and 40% will need nursing home care, according to the U.S. Department of Health and Human Services. Based on the length of an average nursing home stay, how much money will you need to cover a typical stay in a nursing home?

Q.20) According to the Social Security Administration, what percentage of people turning 65 today will live past age 90?

If you have any questions, or if would like to know more about how you can take control your wealth, retain liquidity, and enjoy tax-free growth, feel free to contact me for a free, no obligation consultation here: 

I'll let you in on the secrets the wealthy have been using for decades, so you can build a bright future for you and your family.  And if debt is preventing you from saving for retirement, I’ll show you how to get out of it in half the time, while saving tens – if not hundreds – of thousands of dollars in the process.  Schedule time with me now.


Things to Note:

After you get your score, be sure to check to see how you did compared to other Americans.

According to The American College, here’s how retirees and pre-retirees with at least $100,000 in household assets (not including their primary residence) stacked up on a recent Retirement Literacy Quiz.

Only 20% of Americans passed, and only 1% received a grade of B. Not one single person got an A.

A huge percentage of the American population is financially illiterate and lacks basic skills in the areas of doing calculations, debt management, and asset building, the National Bureau of Economic Research found.

When asked five multiple-choice questions about topics like interest calculations, mortgage payments and investments, just 39% of adults could answer at least four correctly, according to the FINRA Investor Education Foundation.

And the Securities and Exchange Commission found that “investors have a weak grasp of elementary financial concepts, and lack critical knowledge of ways to avoid investment fraud.”

You may think investment fraud could never happen to you, but the list of people who got snookered by the Bernie Madoff pyramid scheme reads like a Who’s Who of the rich, famous, and powerful. Which means financial literacy isn’t just “nice to have,” it’s critical to have.