Checking My Financial Health

Take this short quiz to find out how financially healthy you are

Do you have an up to date inventory of your personal property?

1. yes: down to the last set of drink coasters
2. I know what's mine, but it's not written down anywhere
3. I haven't gotten around to it yet
4. what do I need that for?

Do you have an up to date inventory of your marital property?

1. yes and it's all been valued
2. I know what's mine, my spouses' and what belongs to our family
3. I haven't gotten around to it yet
4. what is marital property?

Do you know the location and amounts of all of your investments including savings, stocks and bonds, real estate, art jewelry and collections?

1. yes
2. I think so
3. I'm not sure; my spouse took care of those sorts of things
4. I have no idea

With regard to your marital home, you

1. know it's current value, including how much is still owed on the mortgage
2. know it's current value, but not how much is still owned on the mortgage
3. trust my spouse to give me my fair share
4. are determined to keep it no matter what

Do you have life insurance?

1. yes
2. no
3. don't know
4. through my spouse

In terms of RRSPs, you

1. maximize contributions every year
2. make sure you contribute something every year
3. seldom make contributions
4. wonder what RRSPs are?

Do you know where your money goes each month?

1. yes - down to the penny
2. yes - give or take $100
3. I think so, but I never seem to have as much as I thought I had
4. it just magically disappears

How much of your income do you save and invest for short and long term goals?

1. 25%
2. 10%
3. 5%
4. Nothing - I live from paycheck to paycheck

Your approach to managing your finances could be best described as:

1. my spouse always handled the money
2. I balance my cheque book and put away a little money every month
3. I have a monthly, yearly and five year plan
4. when I have the money, I spend it all (and then some)

If disaster struck (your child needed emergency surgery or you lost your job) would your family be provided for?

1. yes, I have insurance policies to cover all these
2. maybe- I'm not sure what my insurance covers
3. I would have to ask family and friends to help
4. no, I don't like to think about bad things happening to me or my family

How to figure out your FHQ (Financial Health Quotient)

For each 'A' response, give yourself 3 points
For each 'B' response, give yourself 2 points
For each 'C' response, give yourself 1 points
For each 'D' response, give yourself 0 points

How Financially Healthy are You to Face Divorce?

22 – 30 points – Congratulations! You seem to have things under control and are planning for a secure future.
11 – 21 points – Not bad, but you need to start taking better care of your financial health.
0 – 10 points - You need to seek professional advice yesterday!

If you scored low on this quiz and you are contemplating divorce, you really need to get some help from Eva at Women in Divorce Financial.

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