Quiz # 3

Hot Flash Quiz #3  Will you be a Bag Lady?

(We are not talking gender here. There are answers that men might have).

Answer all 6 questions.

1. Have ever you purchased one or more of these (check all that apply)

  1. Over priced handbags
  2. Expensive dress and matching shoes
  3. Harley Davidson or vintage car
  4. Big sound system
  5. Ginormous screen TV
  6. Rolls Royce (some think this car is an aphrodisiac)
  7. ________________________ (fill in the blank)

2. Each time you buy STUFF, what does it do for you?

  1. Makes me feel rich
  2. Makes me feel powerful
  3. Makes me feel strong
  4. Makes me feel sexy
  5. Makes me feel beautiful, handsome, irresistible
  6. Makes me  enjoy _______ (fill in the blank)

 

3. Okay, fast forward to 2-3 maybe 5 years: What does that same STUFF bought 2-5 years ago do for you today?

  1. Does it make you rich?
  2. Beautiful
  3. Sexy
  4. Or does it just  get moved to the shelf to get ready for a garage sale
  5. Or………………….read on (answer #4 and #5)

4. Look deep into that “bag” (TV screen, sound system, Rolls Royce with its repair bills). What do you see?

  1. 1, 2, 3 credit cards
  2. An old sound system or TV that I could buy for less today
  3. The repair bills for the vintage car

5. Okay, now, look deep again—at your credit card statements. And  maybe home equity loans you used to buy this stuff, if not car loans etc. This is a 2 part question. Answer both parts

  1. Add up all that you owe on your credit cards and loans to pay for this STUFF
  2.  Ask yourself, when will you pay this off?

 

Answer key:

  1. If the amount of money you  hold in credit card debt is less than your retirement account- you can get a grip and get financial security.
  2. But if the amount of money you hold in credit card debt is more than your  retirement account–you have ……………………………………………………serious Bag Lady Potential.