Where are you on your path to Financial Independence? Take this test.
Saw this on Twitter and couldn’t pass it up:
In a nutshell: After you answer 20 super easy questions, it’ll spit out your rank and roughly where you stand in your journey towards financial freedom right now 🙂
It comes from a newer blogger on the scene, Cashflow Cop (such a good name!), who was inspired by posts from Joel at FI 180 and JD Roth at Money Boss.
Link to take the test below, but fair warning – it may get depressing as I scored a paltry 6 out of 14, and that’s with a net worth of almost $900k!
All those investments banked and all I get is a “Debt-Free” rank?? Haha… Maybe this poll needs to be “inspected”!! 😉
The questions are copied/pasted below if you want to eyeball it (followed by the key), or you can take the test directly over at Cashflow Cop and have your score and ranking spit out for you:
FI Checkpoint: Where are you on the journey?
(Doesn’t work on mobile fyi, and a bit glitchy on Safari and Firefox, but works great on Chrome)
FI Checkpoint Questions:
- Do you have a regular income?
- Is this income greater than your expenses?
- Do you have a three-month emergency fund?
- Do you have any rolling credit card debt?
- Do you have any overdraft debt?
- Do you have any vehicle finance?
- Do you have any other consumer debts excluding mortgage?
- Do you have a six-month emergency fund?
- Do you have a one-year emergency fund?
- Do you have an emergency fund of two or more years?
- Do you have any student loans?
- Do you have any mortgage debt (excluding income producing properties)?
- Is your passive income at least 25% of your expenses?
- Is your passive income at least 50% of your expenses?
- Is your passive income at least 75% of your expenses?
- Is your passive income at least 90% of your expenses?
- Is your passive income at least 100% of your expenses?
- Is your passive income at least 1.25x your expenses?
- Is your passive income at least 2x your expenses?
- Is your passive income at least 10x your expenses?
Checkpoints 7 and up are basically dependent on how you answer all the passive income questions in that second half of the list there.
Which is the point I failed to advance since the only truly passive income I get comes from my retirement accounts that don’t quite reach 25% of my expenses yet… And apparently you’re not allowed to tap any of the actual *funds* to live off in this game 😉
Now I could just stop blogging here and watch the pennies trickle in over time without ever lifting another finger (if anyone tells you blogging is passive, punch them in their keyboard!!), but for now I’ll embrace my Checkpoint #6 and consider it a challenge to rise up the ranks…
It’s no fun being perfect anyways, right? 🙂
If you wanna give it a shot here’s the link again, and then be sure to come back and let us know how you did… Maybe it’ll give you some much needed motivation over the weekend? Or a nice pat on the back?
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from Finance http://www.budgetsaresexy.com/financial-independence-checkpoints-poll/
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