Finance & Wealth IQ Test

Finance & Wealth IQ Test

29 Responses | Created by Urbantech |

Please complete the below self assessment to determine your Finance & Wealth IQ and uncover any areas where you might require additional guidance and assistance.

If you score less than 60% we strongly suggest you make an appointment with one of our advisers to undergo a full Finance & Wealth Evaluation.

For more info call 08 8404 3133 or visit www.urbantechgroup.com.au

Tip: If you are unsure of an answer select ‘No’

  1. 1

    Do you know how much super you have in total?

  2. 2

    Do you know where all of your superannuation is?

  3. 3

    Are you benefiting from superannuation strategies like salary sacrifice [additional super contributions direct from your pay], spouse contribution and undeducted contribution strategies?

  4. 4

    Do you treat your superannuation assets just like all of your other investments?

  5. 5

    Do you have direct control over how and where your superannuation contributions are invested?

  6. 6

    Do you know the location and current value of all of your investments and their associated liabilities?

  7. 7

    Do you know the types of investments that suit your risk tolerance/comfort level and produce the best returns?

  8. 8

    Do you understand the fundamental principles of investing, such as compound interest, diversification, investment risk and gearing?

  9. 9

    Are your investments well diversified - in different asset classes such as Australian shares, International shares and Property?

  10. 10

    Do you understand the most effective ways to create wealth through property investment?

  11. 11

    Did you know you can take advantage of spouse super contributions if your partner does not work/works part time?

  12. 12

    Do you actively plan and consider your overall tax position each year so that you can take full advantage of all possible allowances and deductions come tax time?

  13. 13

    Are your investments structured so that you pay little tax on your earnings?

  14. 14

    Do you understand the taxation benefits potentially available through superannuation and salary packaging?

  15. 15

    Are your investments and debt arrangements structured to minimise your tax liabilities?

  16. 16

    Do you accurately know much you earn and spend each year?

  17. 17

    Are your expenses and taxes less than your earnings - and are you able to pay off the full balance of your credit cards each month?

  18. 18

    Do you know the difference between good debt and bad debt?

  19. 19

    Do you know you can consolidate your debts in order to reduce the interest you pay?

  20. 20

    Do you know how to maximise any Centrelink or Government benefits you are entitled to?

  21. 21

    Do you have the right type and level of general insurances [house & contents, car, etc] at the most competitive price?

  22. 22

    If you were unable to work, became disabled or seriously ill tomorrow, could you still pay your mortgage, service all of your debts and retain your current lifestyle?

  23. 23

    Do you have enough insurance to cover my family’s needs should something happen to you?

  24. 24

    If you were to die tomorrow, do you have enough life insurance, assets or other income to ensure your family could live comfortably, without any debts?

  25. 25

    Do you have 24 hour access to cash funds in case of emergency?

  26. 26

    Are you aware of all the different types of mortgages available and understand how they work?

  27. 27

    Do you review all of your loans each year to ensure they remain structured to your best advantage and at the most competitive rates and terms?

  28. 28

    If you already have a mortgage are you paying more than the minimum monthly repayment?

  29. 29

    Do you know what you would need to do to pay off your mortgage within the next 10 years?

  30. 30

    If you are saving for a home deposit could you develop and stick to an effective savings strategy?

  31. 31

    Do you have an up-to-date will [which you continue review from time to time]?

  32. 32

    Do you have an up to date enduring power of attorney in case you are unable to make decisions for yourself?

  33. 33

    Do you have nominated executor for your will [with their agreement]?

  34. 34

    Would your family be looked after financially if you were to die suddenly?

  35. 35

    If you die, would you be confident that your assets would pass efficiently to your intended beneficiaries?

  36. 36

    Are you happy with your current life balance and lifestyle [job, social, family, self, etc]?

  37. 37

    Have you thought about whether you need to make some lifestyle changes over the next 5 years?

  38. 38

    Do you have a plan for saving and/or investing money for shorter term goals [overseas holidays, education costs, new car, new business venture etc]?

  39. 39

    Do you have a written financial plan with clearly defined short, medium and long term financial and lifestyle goals? [Harvard Business School reports 70% of people don't have any goals at all!]

  40. 40

    Do you have a financial adviser who can help you actively manage, review and refresh your financial goals, financial plan and financial strategies?

  41. 41

    Do you keep up to date with investment markets, economic issues and changes in government regulations and laws?

  42. 42

    Do you update your financial awareness through reading financial newspapers, journals, books and other material?

  43. 43

    Do you aspire to have a higher level of financial skills, knowledge and understanding?

  44. 44

    Do you receive financial coaching and guidance from someone external to you such as an accountant, financial planner or informed family friend?

  45. 45

    Do you frequently review and refresh your investments [including superannuation] to ensure you get the most out of them?

  46. 46

    Do you understand how annuities, allocated pensions and/or Centrelink entitlements can work for you?

  47. 47

    Do you know how much income you would receive from you investments as they currently stand?

  48. 48

    Do you understand how much income you will need in retirement and how much capital will be needed to sustain your desired future lifestyle?

  49. 49

    Do you have a plan and appropriate strategies detailing how you will achieve your retirement, financial and lifestyle goals?

  50. 50

    Do you know how to minimise your tax bill once you are retired?

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