Can We Guess Your Age Based On Your Financial Knowledge?
Take This Quiz To Find Out Your Financial Prowess
This blog was written by Matt Reiner the CEO of .
With age comes wisdom, and that’s certainly something we tend to see with financial knowledge. That’s why we’re assuming that we can guess your age based on your financial prowess.
Generally speaking, there are certain things that we expect people to understand about finance at certain ages with the knowledge continuing building on itself.
What You Should Know In Your 20s
People spend (pun intended) their 20s learning the basics of finance. This is typically when people begin building their careers, and with that they’re introduced to the world of money management.
Here’s a short list of what we expect people in their 20s to understand about financial planning.
- How cash flow works
- If your monthly cash flow is positive or negative
- How to budget
- What a 401k is and if your employer has a company match
- The power of compounding
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What You Should Know In Your 30s
When people enter their 30s, they’ve typically established some financial habits and have a general understanding of financial best practices. This is a time in life when families are growing, though, and with that, people learn about how to manage a wider array of financial challenges.
Here’s a short list of what we expect people in their 30s to understand about financial planning.
- How to merge your finances
- How to balance a family budget
- The financial implications of home ownership
- Estate planning basics
- Your retirement plan
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What You Should Know In Your 40s
Once people hit their 40s, they’re typically entering their top earning years. With more money comes more financial responsibility. It’s also the time when retirement planning finally comes into focus for many people. Your 40s is a time to lean on what you’ve learned previously and really grow and perfect your financial plan.
Here’s a short list of what we expect people in their 40s to understand about financial planning.
- Your plan to achieve the retirement you want
- How/if you want to financial support your children’s pursuit of higher education
- Your plan to pay off any high interest debt
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What You Should Know In Your 50s
Your 50s are a time when you need to kick retirement planning into high gear. Understanding what you want for your retirement, and how you’ll be able to achieve it are the primary parts of your financial plan in this life stage. During this time, your kids are also becoming independent while it might also be a time when your parents might need more support.
As there always seems to be, there are new financially challenges you’ll need to overcome.
Here’s a short list of what we expect people in their 50s to understand about financial planning.
- Your parent’s estate plan and general financial picture
- How you’re getting your children off your balance sheet
- What you’ll receive from Social Security
- Your timeline and plan for retirement
- The details of your full estate plan
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Matt Reiner is a founding partner and Portfolio Manager. He also coordinates the Investment Committee and translates the decisions into trades and allocation adjustments within the Wela Models. Matt also serves as a Partner for Capital Investment Advisors (CIA). Matt uses his experience and education in Financial Services to craft the digital advisor experience to bring users the same level of personalization they would receive from a traditional financial advisor.
For valuable financial tools and information on how to set yourself up for a happy retirement, check these out:
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Disclosure: This information is provided to you as a resource for informational purposes only. It is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.