Is Your Financial Future in Your Control?

Take this quiz to determine your financial preparedness level?

1. Do you have six months of your expenses as cash put away in a Bank Deposit for a rainy day? Y/N
2.  Do you have insurance cover equal to 7 times your annual income? Y/N
3.  Do you have medical cover of at least Rs.2 lakh for yourself/spouse and child? Y/N
4.  Do you know how much money you will need for your child’s education? Y/N
5.  Do you know how much money you will need for your retirement? Y/N
6.  Do you know whether your savings are enough for your future needs? Are you under saving/overspending? Y/N
7.  Do you have a list of all your investments organised? Do you review them at least annually? Y/N
8. Do you understand the risks of your investments? Risk of losing capital, not earning enough? Y/N

If you get ‘Y’ as an answer for at least 7 out of the above 8 questions, you are close to becoming a complete finance man. Keep it up, the balance is easy to achieve.

If you get ‘Y’ as an answer for at least 4 questions, some hard work remains to be done. Given that you have taken this quiz means you are focused to achieve better results.

Under 4 ‘Y’s as an answer, means you are taking too many chances with your financial life. You should take small steps to correct immediately to succeed in your financial future.