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Young, Fabulous, & Broke Trivia Quiz

US Financial guru Suze Orman's book on money advice might be what you need if you are "Young, Fabulous, and Broke".

A multiple-choice quiz by pagiedamon. Estimated time: 4 mins.

Author
pagiedamon

Time
4 mins

Type
Multiple Choice

Quiz #
292,938

Updated
Dec 03 21

# Qns
10

Difficulty
Average

Avg Score
7 / 10

Plays
1124

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Are you in a financial rut? According to Suzie Orman, what is the first aspect of your finances that you should become familiarized with? Hint

Your FICO score

The percentage of your income that you are saving

How much undocumented money you spend

How much you are paying in taxes

NEXT>

Question 2 of 10

2. What should your career goals include when you are young, fabulous, and broke? Hint

More responsibility

Meeting basic expectations

Earning a lot of money

Impressive title

NEXT>

Question 3 of 10

3. If you are broke, which one of the following "splurges" are you allowed to make? Hint

$150 pair of jeans that make you feel good about yourself

None of these

Eating out four times a week

Renting a car for a weekend getaway

NEXT>

Question 4 of 10

4. Studies have shown that, overall, the cost of your college education is worth the money.

True

False

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Question 5 of 10

5. All of the following are examples of how you can save a few dollars every month EXCEPT: Hint

Take a cab instead of driving

Get a haircut every 8 weeks instead of 6

Pack a homemade lunch for work

Skip the martini at dinner

NEXT>

Question 6 of 10

6. Orman recommends that, if you are under thirty, you should put off contributing to your 401(k) or other retirement plan for a few more years.

True

False

NEXT>

Question 7 of 10

7. What is the most important rule for investing your money? Hint

Buy a lot of shares of a single stock

Big risk is necessary for big gains

Invest in savings bonds

Diversify your investments

NEXT>

Question 8 of 10

8. What is the worst investment you will ever make? Hint

Your art

Your house

Your car

Your jewelry

NEXT>

Question 9 of 10

9. Before buying a house in a specific area, what important question(s) should you answer? Hint

How long are homes sitting on the market in that area?

Both of these

Are homes selling above/below the list price in that area?

Neither of these

NEXT>

Question 10 of 10

10. Finally, Suze has a lot of "do nots" on her list of financial decisions. Which of the following does NOT appear on the list? Hint

Do not miss a credit card payment

Do not sign a prenuptial agreement

Do not lease a car

Do not rely on a will

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Most Recent Scores

Oct 21 2024 : CoachP44: 5/10
Oct 16 2024 : jibberer: 8/10

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Quiz Answer Key and Fun Facts

1. Are you in a financial rut? According to Suzie Orman, what is the first aspect of your finances that you should become familiarized with?

Answer: Your FICO score

Orman states: "Just about every financial move you will make for the rest of your life will be somehow linked to your FICO score". (The Money Book for the Young Fabulous & Broke, 2005). So, just what is a FICO score? It is basically your credit history score, which allows lenders to decide if you are a good risk for them to loan money to. Your payment history and debt balances will both play a role in how you score.

2. What should your career goals include when you are young, fabulous, and broke?

Answer: More responsibility

Orman emphasizes that early in your career the focus should be on taking more responsibility and impressing higher-ups. Money should not be the focus, because if you do an outstanding job the money *should* come. Meeting expectations is not good enough either--you should surpass the expectations your superiors have for you.

3. If you are broke, which one of the following "splurges" are you allowed to make?

Answer: None of these

In Orman's book, none of these are legitimate reasons to spend money you don't have. As she succinctly puts it: "You can't afford it. Plain and simple". (The Money Book for the Young Fabulous & Broke, 2005).

4. Studies have shown that, overall, the cost of your college education is worth the money.

Answer: True

Orman cites that people with a bachelor's degree earn nearly double the amount of those without it. A master's degree and/or professional degree can bump your salary up to four times more than people with no college credentials. Certainly, these are generalizations and your individual field of work will also determine how much moolah you bring home.

5. All of the following are examples of how you can save a few dollars every month EXCEPT:

Answer: Take a cab instead of driving

Orman suggests walking, biking, or driving as alternatives to taking cabs or taxis, since both are quite costly. She also adds that packing your own lunch, extending your haircut cycle, and forgoing expensive alcoholic beverages will leave your wallet with a little extra padding.

6. Orman recommends that, if you are under thirty, you should put off contributing to your 401(k) or other retirement plan for a few more years.

Answer: False

Orman recommends contributing, at the least, the minimum amount needed to receive matching funds from your employer. If you don't think about savings now, down the road you will be "up that proverbial creek". (The Money Book for the Young Fabulous & Broke, 2005).

7. What is the most important rule for investing your money?

Answer: Diversify your investments

Orman believes that if you are young, fabulous, and broke, a little risk is acceptable. However, the best thing to do is to diversify your investments. In other words, don't put all of your money into one single entity!

8. What is the worst investment you will ever make?

Answer: Your car

Your house, jewelry, and art may or may not be a good investment, but they will surely give you some personal pleasure. Your car, too, may bring you some joy. However, a car is not actually an investment. It is a "depreciating asset" that will lose about 20% of its value as you drive away from the car lot. (The Money Book for the Young Fabulous & Broke, 2005).

9. Before buying a house in a specific area, what important question(s) should you answer?

Answer: Both of these

As a buyer, you need to be aware of whether you are in a seller's market (bad for you) or a buyer's market (good for you). If homes are selling fast and/or above their asking price, then it is a seller's market. This gives you less room to bargain or make demands. On the other hand, if homes are taking many months to sell and/or are selling below their list price, then you have found a buyer's market. Now you can bargain and make (reasonable) demands.

10. Finally, Suze has a lot of "do nots" on her list of financial decisions. Which of the following does NOT appear on the list?

Answer: Do not sign a prenuptial agreement

Orman is a strong believer in pre-nups--especially if this is your second marriage or if you earn more money than your spouse!

Source: Author pagiedamon

This quiz was reviewed by FunTrivia editor Bruyere before going online.
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