How Financially Smart Are You? (Money Quiz)

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[jasondima]

I like this quiz Rachel! We need to have more money quizzes like this.

[Tom-muzy]

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)

[nancywilliams]

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.

[vince]

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.

[MsWhitneyS]

Please do more quizzes and send links for more info for each question if we want to further educate ourselves

[txHodge]

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!

[RandomCamomile]

Love the quiz but very surprised to hear Rachel talking about credit scores!

[shelleyirwin]

I got them all right but I wanted to answer the credit score question zero. Zero is an excellent credit score. 😊

[rg-mihh]

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.

[gelfbrandt]

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

[sstrongman]

I’ve see 720+ as being “excellent credit” 800 is awesome though

[jojosharpe]

I did great, but not great at getting rid of debt yet, working on it though !

[Bwanar]

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.

[Kurtdog]

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.

[oliviani]

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.

[fuzzy]

How about balancing your checkbook? Who does that anymore?

[mikepiper]

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?

[datboi]

Not entirely true on the PMI, depends on the lender. I got PMI waived with 5% down.

[kimmcdaniel]

Did she say she pays off her credit card every month?

[gbinman]

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.