financial independence readiness

Financial Independence Readiness Quiz

BySteve KIM

Here is a simple quiz to check your financial independence readiness. This self-assessment can help you gauge where you are in your financial independence journey and where to start.

Click the button below to begin.

Welcome!  Please enter your name and email so I can send you detailed test results.

1 / 10

1. Do you know your target net worth (Financial Independence Number)?

2 / 10

2. Do you make efforts to learn about personal finance and investing?

3 / 10

3. Do you know what your monthly expenses will be like after you retire?

4 / 10

4. Do you systematically put money into your retirement account?

5 / 10

5. My monthly savings are:

6 / 10

6. How often do you make impulse purchases?

7 / 10

7. Do you regularly update your budget?

8 / 10

8. Do you have any sources of passive income?

9 / 10

9. How much is in your retirement/investment account? How many years of living expenses can it cover?

10 / 10

10. My total debt (excluding mortgages) is:

Your score is

0%

Please give your rating

Thank you, your feedback is very important for making improvements!

How did you do? Was it what you expected or were you surprised? Read on to see what your next steps are based on your score:

  1. 0 to 8 points – Financially Dependent. You are at the beginning part of the journey. Try to learn as much as you can about personal finance. Learn about what it means to be financially free and financially independent. Learn the basic concepts like 401k, IRAs, compound interests, and passive income. The research category will help you see useful resources out there.
  2. 9 to 14 points – Financially Solvent. You are somewhere in the middle. Statistically, this is where most people are. If you are not doing your budget, then do your budget. Doing your budget will give you a good idea of where you are in terms of your spending habits and your net worth. Check out this post on budgeting.
  3. 15 to 20 points – Financially Stable. You are Almost there. Looks like you’ve pretty much got most of your bases covered. But don’t get complacent, this part of the journey can take a long time. This is where you will need to continue to be disciplined and focused. You will likely want to keep increasing your passive income as well as increasing your investments.
  4. 21 to 24 points – Financially Independent. if you scored 26 and above, congratulations! You are financially independent. This is a milestone many people would love to achieve. You made it!
  5. 25 points – Financially Abundant. Many people don’t just stop at achieving financial independence but, continue to become financially abundant and also go on to do more to fulfill their life’s purpose and meaning.

If you haven’t seen the post on various stages yet, here is a post on the different stages of financial independence.

If you want to do some more self assessment, try the Financial Independence Knowledge Quiz. This quiz will assess how much you know about personal finance.

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