Quiz: test your financial health
1. Have you written a will?
a. Yes b. No
2. Have you started an education fund for your kids?
a. Yes b. No c. No, because I have no kids
3. Imagine you’re out of a job today. Do you have enough savings to pay for at least six months’ living expenses?
a. Yes b. No
4. Based on the funds you have in EPF and your own savings, do you think you have enough to live by when you retire?
a. Yes b. Not enough savings
5. Do you have a critical illness protection equivalent to twice your annual income?
a. Yes b. No
6. If your hospitalisation and medical bills amounted to RM100,000, can you pay for it and how?
a. Yes, my company fully insures me, whatever the amount
b. Yes, I have my own insurance to cover this
c. No, I wouldn’t be able to pay this amount
7. Do you have life coverage (including personal accident) protection equivalent to at least 10 times your annual income?
a. Yes, my company fully insures me, whatever the amount
b. Yes, I have my own insurance for this amount
c. No
Answers:
If 70% of your answers are a YES – Congratulations! You have not forgotten your goals and dreams. You have started ways to protect yourself financially. You have also taken the first step to manage your finances responsibly in an effort to be financially independent.
If 70% of your answers are a NO – It’s obvious that you need to start on financial planning. Be in charge in setting your financial goals. Financial decisions must be understood, financial situations must be evaluated and financial planning must be done as soon as possible.