Home
Our Services
Who We Are
Client Tools
News & Info
Financial Briefs
  Articles Of Interest
  Featured News
Resources
Account Lookup
Advisor Vault
Custom Page Types
Disclosure
Contact Us
Log In
More Articles  Printer Friendly Version

 

Test Your Personal Financial Knowledge In 30 Seconds

5054 1

If you go to cocktail parties or meet regularly with colleagues for a few years, then you almost certainly witness people speaking without knowing what they’re talking about. Humans are generally overconfident about their knowledge of everything, including personal finance. To help assess your personal financial IQ, here’s a 30-second quiz.

1. The Standard & Poor’s 500 index:

A. is up about 77% since March 23, 2020

B. is down about 17% since January 1, 2022

C. is up more than 50% over the past five years

D. all the above

2. The U.S. Index of Leading Economic Indicators

A. recently began surging

B. has declined for 12 straight months

C. signals a recession is likely

D. signals a recovery is likely

3. In February 2022, rules implementing the SECURE Act, which was signed into law December 2019, changed distribution rules on federally qualified retirement plans, including IRAs, and it will change retirement funding and estate planning decisions for millions of Americans.

True
False

4. It’s too late to fully fund your IRA or 401(k) for 2022 to save for retirement and lower your tax bill?

True
False

5. The $12 million individual estate tax exclusion will be slashed to $6.2 million ($12.4 million for married couples)

True
False

If you incorrectly answered 3 or more questions, congratulations on discovering that you’re not a financial wizard. Most people are not financial whizzes but they never know it. Knowing personal finance is not your thing can be a strength. Let us know if you want to delegate financial and tax planning to our firm. If you answered four or five questions correctly, let us know if you need help implementing a strategic plan.

Answers: 1 D, 2 C, 3 T, 4 F, 5 T

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.


Email this article to a friend


Index
The Inspirational Story Of Hetty Green, The Warren Buffett Of The Early 1900s
Keep Your Eyes On The Bad Economic News
Let’s Talk About Stock Market Volatility
Bracing For Recession Amid A Bear Market
The Inflation Imperative Makes A Recession Likely, But It’s A Sign Of Progress
When Will Post-Covid Financial Pain Stop?
A Reminder About Market Timing And Stocks
10 More Year-End Planning Tips To Slash Your 2022 Taxes
10 Year-End Tips to Slash Your 2022 Tax Bill
Start Thinking About Year-End Tax Planning Now
The New Retirement Plan Distribution Rules
Relying On An IRA Custodian For Advice
Financial Disappointment Can Darken Your Financial View
Why Knowledge Of Financial History is Critical To Investors
Inflation Declined And Stocks Rallied Today

This article was written by a professional financial journalist for Financial Planners and is not intended as legal or investment advice.

©2022 Advisor Products Inc. All Rights Reserved.
test disclosure 123