Take A Quiz To Find Out Your Financial Personality

Here is a quiz to test your money instincts and habits. Take this quiz to find out your financial personality and how to overcome pitfalls, if any.

The latest smartphone seems like a fabulous purchase, but you don’t have sufficient money. Now, what would you do?

1. Adjust your budget or borrow money to buy the phone
2. Think hard before spending money
3. Buy it, whether you can afford it or not

You got Rs 50,000 bonus from your company, you will:

1. Buy 100 shares of a company that looks promising
2. Take the help of an efficient financial planner to put money to good use
3. Spend it lavishly

Your family member gets hospitalised, and you need some urgent cash, now you will:

1. Dig into your savings to fund medical treatment
2. Not worry as you have a health insurance policy and emergency fund as well
3. Borrow because you have never thought about medical expenses

The Budget announces a new tax-saving option, what would you do?

1. Immediately invest to get tax benefits
2. Consider the available investible surplus and before deciding, check if the investment is in sync with your objective or not
3. Ignore or forget it

Your friend is in dire need of money, you will:

1. Lend at a good interest rate
2. Lend but remain tensed till it is repaid
3. Not have enough money to lend

How do you handle tax planning?

1. You know how to curtail your tax bill and thus, prefer to invest only in those investments which give tax benefits
2. You plan for taxes much in advance and always file returns before the deadline
3. You always delay your tax-planning and miss the due date of filing returns

You would prefer to apply for loans to:

1. Invest in some high-yielding investment opportunities
2. Pay off debts, make essential purchase and secure your future financially
3. Buy luxury items or go on holiday

Your main financial motto is:

1. Earn and grow your money as quickly as possible
2. Save enough money for long-term goals, like retirement, child’s education, etc.
3. Earn enough money to spend lavishly

You have a new job offer with a lucrative salary package, what would you do?

1. You grab the job offer, of course
2. You consider the company, job profile and hike before making a final decision
3. You don’t want to take risks even when you are stagnating in the current job

When you think about your future:

1. You know it will be fine as you are planning to earn lots of money
2. As you are investing systematically, you are confident about your future
3. You are not sure about your future as you have never planned for it

Check Your Answers:

If Mostly A: Aggressive

You are the one who equates money with prestige and self-satisfaction. You are happy and content when you have sufficient money to spend and invest. You prefer to go with those investments which assure tax benefits. However, you lack the patience which is required to carefully analyse the situation and check the pros and cons of an investment option before investing.

What Should You Do?

First, decide your goals and then align your investment options accordingly. Carefully read all the investment options before choosing the one. Take help of a professional financial planner, if required.

If Mostly B: Balanced

You are a model investor with the logical thought process. You believe in spending money wisely as your current financial state. Before investing, you carefully understand the pros and cons of the option and prefer to invest towards your long-term goals. You don’t mind taking the help of a financial planner to make smart financial moves.

What Should You Do?

Continue doing your good work and monitor your investments periodically.

If Mostly C: Spender

You spend money to get short-term gratification. Your poor money management skills always land you in a situation where you have to borrow money from others.

What Should You Do?

Understand the importance of a viable financial plan to secure your future. Define your goals, hire a financial planner and automate all your investments to ensure that you comply with your primary goals.

A Word of Caution

While your low-risk tolerance can keep your money safe from market volatility, you are unlikely to meet your goals or save enough for the future if you do not take risks. Making a systematic approach towards money and hiring a good financial planner is all that you need to lead a financially secured life.