How Financially Smart Are You? (Money Quiz)
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- Опубліковано 4 січ 2024
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I like this quiz Rachel! We need to have more money quizzes like this.
You pay interest on credit card outstanding balances with your MONTHLY payment but interest charges accrue and are compounded on a DAILY basis. (B of A)
I caught that myself. Important distinction.
It's a Ramsey thing. Don't expect accurate information related to debt.
Yes, but you are "charged" on a monthly basis for the daily interest accrual.
Yes, charges accrue daily. True for 100% of loans you get. The difference is how they recognize the interest accrued.
then why are we here? biased info.@@michaelpantano3324
Love the quiz but very surprised to hear Rachel talking about credit scores!
Rachel, your credit score can also influence how much you pay for auto and homeowners insurance. Insurance companiescan use this to judge if you are a careful person and avoid risk. So, even tho you don't need it for a loan; a good credit score indicates you are responsible.
t.u. CS is just another piece of the puzzle to a day in, day out life. thes kids treat it like the
anti christ. i would rather live a credit worthy rictheous life and go about my day...
False this very state-to-state but in most States they can only use your credit score to decrease your premium not increase. Also we're referring to not having a credit score which is different than having bad credit.
Also important to remember where we get our information from, Ramsey solutions being a proven track record for getting people out of debt, and creating everyday millionaires.
Their surveys also come from millionaires not from broke peoples opinions. And they're proven track record
Been using a credit card since early 80s. Never have paid interest or late fees. And credit score depends on the model used. Some models still uses 850 top score not 900.
Ive been watching your channel on and off but this video made me hit the subscribe button.
I’ve see 720+ as being “excellent credit” 800 is awesome though
9 out of 10, did not know what was most important piece of a credit score. But in baby step 6, I really don't care 🤣🤣🤣 1:53
I love quizzes!!
Kodak is supplying battery materials for electric vehicles. It’s time for everyone to get to know Kodak again. Kodak is interesting? ? ?🌶🌶🌶🌶🌶
I got them all right but I wanted to answer the credit score question zero. Zero is an excellent credit score. 😊
Insurance companies use credit score to determine rates. Zero is not excellent.
I did great , but not great at getting rid of debt yet , working on it though !
Oh Chris-ta-bell 🎉 congrats
This was exactly what I needed to hear today, thank you for this video.
Each one of these questions would be interesting youtube videos to learn more about. Just having no debt is smartest way to go if at all possible imo.
Debt is a tool, tools are never good or bad it’s usually just if you are using the tool correctly or not. Debt can be used to make a very large purchase for an investment type project such as a rental property, repairs on a home or even buying a car as long as you don’t use that debt incorrectly. The problem most people make is buying things they can’t afford the $80k car being the best example.
Huge respect for you and what you teach us daily. Your videos have helped me grow tremendously and also special thanks to Chris Haun he has been of tremendous help to me through my journey too.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Chris Haun. I now make huge profits by weekly through his services while still learning to stand on my own.
@@fred5528 I have never seen a trader as open and transparent as Chris Haun with his clients. The way he decides to make a profit for his clients. He allows you to express your fears and he still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. He is really cool.
401k /(403b) and 457 plans can use after tax dollars. 457 plans are generally found in the public sector and you can put as much into them as you do a 401K (403b). Basically doubling the maximum you can save each year. $22,500 (2023) can be put in both.
Secure act 2.0 makes auto enrollment in 401k plans mandatory for certain employers beginning in 2025
How about balancing your checkbook? Who does that anymore?
It is amazing how some people can be smart enough to qualify for a great job, but be insanely dumb when it comes to managing their finances. One of my neighbors is probably the best at what he does in our area and is high demand for his skills, but his wife is in charge of the finances because he is so terrible with spending.
Handling of money is an art like cooking, not a science you can learn by reading books. That’s why most very intelligent people are horrible with money. It’s 2 completely different skill sets
Not entirely true on the PMI, depends on the lender. I got PMI waived with 5% down.
12 out of 10 lol (rachel forget options trading and debt leverage haha)
Well Rachel you missed one. On the question about mandatory deductions from your paycheck, 401K's are one, but there are also many states that don't have State taxes, so obviously wouldn't be mandatory either. Also credit scores ARE very important for those that want the American dream of owning a home. Without a good score you may not be able to afford, what you otherwise could with a Great score. That leaves less money for your saving also.
1:33 I thought for sure the answer was D!
As an "Old Timer" with personal finance,, (89 years if age) I'll point out the fact that if you pay as you go with little or no debt in your life, your credit score (FICA etc.) is not going to be the best. If you desire a "Top Drawer" credit score, you have to be using a lot of credit over a long period of time. (P.S. - the banks like it when you use a lot of credit, as long as you keep paying)
I aced it but more than half didn't apply to me. I have been retired and debt free for 20 years, I bought my current home cash. Roth's have never been an option and I wasn't subject to SS withholding.
Did she say she pays off her credit card every month?
She doesn't have one, nor do any of the Ramsey personalities. Dave doesn't approve of such behavior. That's the writer of the question, not her.
These questions seem overly simple, but then I watch a video of college kids not even knowing how to tell time on a clock that has hour and minute hands, or worse still ….. they don’t know how many months are in a year.
I knew a guy. . He put 10 % down at first to buy additional farm land. He was a life time farmer.. . Later the bank approved 100 % loan with no down payment.. he died from a terminal illness and apparently PMI i insurance paid off the farm note. His family got the extra farm land free and clear. Would this be an a example of the benefits of PMI and the only exception to the rule of avoiding PMI costs?
Congratulations Rachel, you got 8 out of 10 correct. A B grade isn't so bad. Errors in the quiz:
* How much must you put down in order to not pay PMI? The correct answer is "It depends on the lender." Some credit unions won't charge PMI with a down payment of 10%. My current home was purchased this way.
* What types of loans are not bankruptable? The correct answer is: "It depends". Some types of student loans (for instance, private student loans) are dischargeable with bankruptcy.
Thanks for playing!
what kind of camera do you use girl :)
I don’t have to pay for student loans I paid that one off long time ago that was paid off in 2005 now working paying off my credit cards off my set goal is in 3 yrs so by 54 or 55yrs old it should be paid off as long as another major problem cause delaying
People are on a list weeks and months for surgical and diagnostic procedures with the NHC systems. How many suffer horribly or die before making it to the top? Why do other countries' richest people come to America for their healthcare? JS
Canada just recommends suicide for a lot of people now. Say no to government health care
1. What does balancing your budget mean to you?
2. Which of these factors affect your credit score?
3. What's the lowest amount you need for a down payment to avoid PMI?
4. Which type of retirement account offered by your employer would you contribute after tax dollars?
5. Everytime you swipe a credit card you have to deal with APR this means if you carry a balance your interest rate will be charged how often?
6. Which type of debt cannot be erased by bankruptcy?
7. Which type of car insurance coverage would pay for damage to the other person's car when an accident is your fault?
8. What isn't included in your closing costs when you're buying a house?
9. Which of the following is not a mandatory deduction from your first paycheck at a new job?
10. Which of the following is considered an excellent credit score?
It is interesting to see two questions regarding credit score. Ramsey usually touts you don't need a credit score.
In a Roth, is the interest earned taxed?
No. With a Roth account (401K or IRA), there is no taxation (other than the taxes owed when you originally received the paycheck)
no, It is like paying a bill automatically from the paycheck instead of paying from the bank account.
Question 11 what is a good withdraw rate for retirement accounts? 3% 4% 6% 12% ? That correct 4%, tell Dave.
Hahahaha 😂
I used to have a credit score of 850. But I stopped borrowing and lived within my income and now my credit score is zero.
I don't live in America, that's why I didn't answer right most of the questions. The quiz was educational and entertaining for me though 😁
just took the ''quiz''
had to give up my email. money made for them.
i am self employed and completely irrelavent.
100%. This was pretty basic stuff. I can’t believe that any functioning adult couldn’t get all of these correct.
First one here!!! WOO!
7/10. Not bad. I got payment and card hustiry mixup. Of course i get ctedit ones etong because i don't use credit cards.
quiz according to who?
You need to fund your 401k as soon as your employer allows regardless of debt. Why? When you get a job your employer is basing your compensation on you taking their match.
So if you don’t, you’re not getting your full compensation. It’s like you are being shorted in your check. And that’s not good for your finances.
A match is really nice to take advantage of if they have it. But not every 401k has a match. Still can reduce your taxable income for the year but that's not nearly as useful as a match.
@@ag687 Obviously no match is different but you still need to put SOMETHING in there. Even 1% because 0 won’t grow into anything.
"What does balancing your budget mean?"
Having a partisan battle and holding the country hostage until you agree to pass a "debt ceiling limit increase" and then just buying whatever you think will get you the most votes in November.
Okay - another flaw. Obviously a 401(k) contribution is not a "mandatory deduction". But really? You don't encourage people to fund their 401(k) immediately if they have an employee match? RIDICULOUS. You are just leaving money on the table. You can save at the same time for your emergency fund, but leaving that employee match on the table is insane.
Great video, trading come with a lot of benefits And
I have just bought my first house through it.
As a beginner I was scared of loosing my savings but
I’m glad I took the bold step that is now favoring me.
Congratulations.
I will love to be your friend dear as well.
as sharing some ideas which you're benefiting.
Thank You but is not luck, is all about having good investment
plans most of all trading with a trust worthy expert.
Watching professional trading videos and most especially
connecting with the right person the digital world is
full of in unreal people I met some of them during
my success journey. I felt same way when I started
especially when you use demo account you might
be winning but when you put in real money you start losing
I understand and I pass through it all. I’m very happy I’m profitable now.
Currently i can attest to the fact that I
make $15k weekly through trading
which is more better then my monthly salary job.
Trading becomes my passive income.
At first I was afraid too before I gave it a
try and realized that fear kills dream more than failure.
I would like to challenge just one part of the video, that managing a decent credit score is actually a good idea because planning on getting into more debt is part of getting a home for people today. saving cash would take too long and like you said, 20% would even be a high ask for a downpayment. I think credit is becoming a big part of modern finance.
Yeah, saving 20% for a mortgage is actually nearly impossible for most people. Even trying to get a 15 year mortgage instead of a 30 heavily limits your options. Going in with 5% down on a 30 year mortgage, then just paying it like it was a 15 year mortgage while you can is the best bet. That way you can always lower the payment to the minimum if something happens.
If it took you 5 years to save 20% down for a home ($45k) how much money did you pay in rent in that timeframe that could have been going against your mortgage instead?
You don't recommend contributing to 401K if you aren't out of debt and have an emergency fund? Missing out on company match is a mistake from a mathematical perspective. From a psychological perspective I can't comment.
Umm, no. Don't "cut up the cards" so you don't have to worry about all this "interest rate stuff". Are you preaching to 4 year olds???
Use credit cards responsibly and pay them off each month. Then it won't matter if interest compounds hourly, daily, weekly or monthly. Pay them off, take the rewards (only true cash for me - I don't want "points") and reinvest!
I feel bad for you Americans having so much debt, having to pay for health, so many insurances, big car loans and obsession with mortgages and buying houses. Here in Europe people use their money to travel, see the world, have experiences and eat out (we don’t tip extortionately because business actually pay their waiters properly). I can’t imagine spending all my money on insurances and all that kind of stuff and not living!! I guess if you’ve never had it and your routine is home and church, you don’t know what you’re missing out on 😅
We have huge health insurance bills, because many people get free health care and the rest of us pay.
This comes off as awfully pretentious
@@kevinrehak7373 sorry you saw it that way. I genuinely watch these videos and think wow you guys have to consider so much. Also it helps that we are not as materialistic in general. I know it sounds so harsh but it’s true! I think if Americans looked outside of their own country; they would learn a lot 😅
@@jillanglemyer3168 in most countries in the world, everyone gets it free. Wouldn’t that be even better? :)
How much of your pay do you get to take home after taxes, or to ask another way, how long do you work each week before you get any pay? Here with income and payroll taxes a lot of Americans work about 1-2 days per week to pay the income tax. The innumerable taxes here mean the government takes more of my income every year than food and housing combined.
And just because someone has a platform doesn’t mean they have your best interest at heart. Bye
So basically at the end you learn this quiz means absolutely nothing and it's pointless
What a grubby, dreadful, boring little film. Drivel.