Basic Investing Quiz | Debt Free DDS

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#1. What is an example of a qualified retirement account?

Bitcoin account

401k

SIMPLE IRA

Taxable brokerage account

Apple Stock

Both 2 and 3

#2. Investing in a lot of single stocks is a good idea?

True

False

#3. To get a good mutual fund, it will most likely have a load?

True

False

#4. What is the best definition of Savings rate?

% one saves of Net income

% one saves of net income minus essential expenses (shelter, food, clothing)

% one saves of Adjusted Gross income

% one saves of Gross income

#5. You can save for retirement outside of retirement accounts?

True

False

#6. After you max out your retirement accounts, what are good ways to save for retirment?

Real Estate

Taxable Investing account in low expense ratio mutual funds

Cryptocurrency

Regular Savings account

All of the above

1,2

1,2,4

#7. It is possible for a busy High income professional to manage your own finances?

Yes

#8. Is it ok to hire a professional to do your finances?

No. Everyone should do it themselves

Yes, if it is good advice for a fair price

Yes, if they manage a bunch of rich people's money

#9. What is a good example of a GOOD, diversified portfolio?

Target retirement fund at a low cost brokerage like Vanguard

3-7 low cost mutual funds that hit all segments of the market

cryptocurrency, a lot of single stocks, real estate funds, direct real estate properties, Some single bonds

Real estate properties, a few stock and bond mutual funds

1,2,4

1,4

2,3

All of the above

#10. It’s possible for a dentist or a doctor to have over $400,000 in debt and pay it off within three years without outside help? (Hint, see my start here page)

Yes

#11. What is lifestyle inflation?

Gaining weight

Spending more money as you earn more money

Spending more money to keep up with general inflation

Living the "eat, drink, and be merry" lifestyle

#12. What does “living like a resident” mean?

Never getting any sleep

Being overworked and under paid

Working at a hospital

Living on about $63,000/year (about the average income for a medical resident and the average american), even though you make 3-10 times that

#13. How long should you “live like a resident”?

1 year

your whole life

At least until your student loans are paid off

2-5 years

None of the above

#14. Which of these is directly in your control?

Government spending

Your savings rate

Your returns on investments

World Peace

1,4

2,3

All of the above

None of the above

#15. Forming an LLC provides asset protection in malpractice lawsuits?

True

False

finish

Results

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#1. What is an example of a qualified retirement account?

#2. Investing in a lot of single stocks is a good idea?

#3. To get a good mutual fund, it will most likely have a load?

#4. What is the best definition of Savings rate?

#5. You can save for retirement outside of retirement accounts?

#6. After you max out your retirement accounts, what are good ways to save for retirment?

#7. It is possible for a busy High income professional to manage your own finances?

#8. Is it ok to hire a professional to do your finances?

#9. What is a good example of a GOOD, diversified portfolio?

#10. It’s possible for a dentist or a doctor to have over $400,000 in debt and pay it off within three years without outside help? (Hint, see my start here page)

#11. What is lifestyle inflation?

#12. What does “living like a resident” mean?

#13. How long should you “live like a resident”?

#14. Which of these is directly in your control?

#15. Forming an LLC provides asset protection in malpractice lawsuits?

Like this:

Results

Like this:

Like this:

#1. What is an example of a qualified retirement account?

#2. Investing in a lot of single stocks is a good idea?

#3. To get a good mutual fund, it will most likely have a load?

#4. What is the best definition of Savings rate?

#5. You can save for retirement outside of retirement accounts?

#6. After you max out your retirement accounts, what are good ways to save for retirment?

#7. It is possible for a busy High income professional to manage your own finances?

#8. Is it ok to hire a professional to do your finances?

#9. What is a good example of a GOOD, diversified portfolio?

#10. It’s possible for a dentist or a doctor to have over $400,000 in debt and pay it off within three years without outside help? (Hint, see my start here page)

#11. What is lifestyle inflation?

#12. What does “living like a resident” mean?

#13. How long should you “live like a resident”?

#14. Which of these is directly in your control?

#15. Forming an LLC provides asset protection in malpractice lawsuits?

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