Is Your Money Mindset Working for You? Take Our Quiz and Find Out
By RBCJanuary 11, 2022
There are many ways to be good with money. Some of us are good at saving, others at spending, some at investing and others at budgeting. Often, though, it’s a combination of all of these ways that can get us where we want to be. Determining your own money mindset is a great first step to building a strong financial foundation. Take our quiz to learn more about your own money views – and how improving your mindset can help you grow your money.
1. What money story best describes you today? (choose one)
2. When it comes to investing, you find the hardest part is: (choose one)
3. Which of these scenarios would make you feel the most financially comfortable? (choose one)
4. You put on a coat you haven't worn in months and find a $100 bill in the pocket. Yes! Now how do you spend it? You: (choose one)
5. Money comes and goes, you can save it for a rainy day or it can burn a hole in your pocket. You get the idea. Which of these money idioms rings truest to you? (choose one)
You've got a budgeting mindset – even if you aren't budgeting yet!
You know that money is best fully accounted for and delegated accordingly: essential living expenses, debt, savings and entertainment. You might not be following a budget closely now, but you're in tune with the benefits of allocating your money. Leaning into budgeting – which is really a plan for spending and saving future income – might even help you identify new goals you didn't think were possible. Read on to further your budgeting mindset!
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Spending Over Saving Mindset
You favour spending over saving, but understand the value of goal-setting.
Let's face it, who doesn't love spending on the fun stuff – entertainment, travel, a new vehicle. For you, this isn't frivolous spending. You focus on saving for what's important to you in the near-term, which is a valuable part of any investment plan. You may not call them this, but they're all goals. You understand the value of having a goal in place, and while we often hear about long-term goals when it comes to our money (think: retirement), short-term goals can be just as important to an overall plan. How do you take goal-setting to the next level? Read on for inspiration.
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Put Your Money To Work Mindset
You understand that your money should be doing the heaving lifting for you, not the other way around.
You know how to work hard for your money. You also know your money can (and should) be working harder for you! But how? One of the first steps is to really know yourself as an investor. How much risk are you comfortable with? That can help determine where you choose to put your hard-earned money. And if you started investing some time ago, what you're comfortable with – or not comfortable with – may have changed. Your ultimate goals might have changed as well. It's always worth doing a quick check-in on where you're at now, and where you want to get to. Check out the following insights to help you.
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We think it's safe to say you've got a strong goal-setting mindset.
You're focused on the long game. You know the value of getting started with your investments and keeping your eye on your ultimate prize: the retirement you've always dreamed of. Maybe it's a dream home to stay put in and a robust retirement fund to enjoy in comfort without a worry in the world. We all have our own vision. But what does it take to stay focused along the way? Here are some ideas to explore.
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This quiz is for interest purposes only and is not intended to be relied upon as financial, legal or other professional advice. The results are a guesstimate of what your money views may be solely based on the responses you provided and are not based on any scientific, financial or other analysis.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.