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?
You got Rs 50,000 bonus from your company, you will:
Your family member gets hospitalised, and you need some urgent cash, now you will:
The Budget announces a new tax-saving option, what would you do?
Your friend is in dire need of money, you will:
How do you handle tax planning?
You would prefer to apply for loans to:
Your main financial motto is:
You have a new job offer with a lucrative salary package, what would you do?
When you think about your future:
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.