You Might Be Closer To Achieving Financial Freedom Than You Think

Quiz Questions

• 1.
  What is your current marital status?

  • A.
    Single
  • B.
    Married
  • C.
    Married with kids
  • D.
    Widowed
  • E.
    Divorced
• 2.
  What is your age?

  • A.
    Below 30 years old
  • B.
    30 - 45 years old
  • C.
    46 - 55 years old
  • D.
    56 - 65 years old
  • E.
    Above 65 years old
• 3.
  What is your occupation?

  • A.
    Business Owner
  • B.
    Senior Management (Chairman, CEO, CFO, Director etc.)
  • C.
    Professional (Accountants, Doctors, Lawyers, Professors etc.)
  • D.
    Manager/ Executive
  • E.
    Retiree
  • F.
    Others
• 4.
  What is your annual income?

  • A.
    lower than or equals to $30,000
  • B.
    $30,001 - $50,000
  • C.
    $50,001 - $75,000
  • D.
    $75,001 - $150,000
  • E.
    $150,001 - $200,000
  • F.
    $200,001 - $500,000
  • G.
    higher than or equals to $500,001
• 5.
  What is your annual expense?

  • A.
    lower than or equals to $30,000
  • B.
    $30,001 - $50,000
  • C.
    $50,001 - $75,000
  • D.
    $75,001 - $150,000
  • E.
    $150,001 - $200,000
  • F.
    $200,001 - $500,000
  • G.
    higher than or equals to $500,001
• 6.
  What percentage of your take-home income do you save annually? Your savings include the annual amount you contribute into investments, insurance saving plans, investment linked policies, bank savings account and fixed deposits etc.

  • A.
    lower than or equals to 5%
  • B.
    5% - 10%
  • C.
    11% - 20%
  • D.
    21% - 30%
  • E.
    31% - 40%
  • F.
    41% - 50%
  • G.
    51% - 60%
  • H.
    61% - 70%
  • I.
    higher than or equals to 71%
• 7.
  How much is your net wealth? Net wealth = All your assets (include CPF, stocks, unit trusts, investment property etc.) - All your liabilities 

  • A.
    lower than or equals to $200,000
  • B.
    $200,001 - $500,000
  • C.
    $500,001 - $750,000
  • D.
    $750,001 - $1,000,000
  • E.
    $1,000,001 - $3,000,000
  • F.
    $3,000,001 - $5,000,000
  • G.
    higher than or equals to $5,000,001
• 8.
  How many months of emergency savings fund do you have?

  • A.
    lesser than 1 month
  • B.
    1 - 3 months
  • C.
    4 - 6 months
  • D.
    more than 6 months
  • E.
    Don't know what is an emergency fund
• 9.
  What percentage of your mortgage loan have been paid off?

  • A.
    lower than or equals to 20%
  • B.
    21% - 30%
  • C.
    31% - 40%
  • D.
    41% - 50%
  • E.
    51% - 60%
  • F.
    61% - 70%
  • G.
    71% - 80%
  • H.
    higher than or equals to 81% 
  • I.
    No mortgage loan
• 10.
  What percentage of your net wealth is currently in investments such as property, stocks, unit trusts etc.? 

  • A.
    lower than or equals to 25%
  • B.
    26% - 50%
  • C.
    51% - 75%
  • D.
    higher than or equals to 75%

Quiz Outcomes

• 1.
  Grade C-

  Image Source

  You still have a long way to go! It would take you at least 25 more years before achieving financial freedom. You’re at the bottom 25th percentile of the Singapore population in terms ofsecuring financial independence. As compared to your peers, you have very poor money habits and is highly likely to struggle with financial security. Here is your recommended action plan. 1. Focus on expanding the gap between your expenses and your income by: Tracking your debts and watch them dwindle Reducing your expenses as much as possible Upgrading your skill set and taking on more responsibilities to boost income Leveraging on your interests to start a side hustle Saving ~30% of your income every month Setting aside 3-6 months of your expenses as an emergency fund for unforeseen circumstances 2. Start investing your savings for a higher rate of return. Below are our recommendations: Invest in a low-cost, diversified portfolio to accumulate wealth passively. Be mindful about using insurance products such as ILPs and endowment plans. Learn more here. - - - - - - - If you have questions about your investment/insurance portfolio or current wealth plan, drop us a message at https://www.providend.com/service-enquiry/ or contact us at 6309 2488.We offer a complimentary, no obligation initial meeting where we will give you our honest feedback regarding our ability to help you achieve your objectives and address the financial challenges you may be experiencing.
• 2.
  Grade C +

  Image Source

  You're getting there! It would take you about 20 more years before achieving financial freedom. You’re between the 26th to 75th percentile of the Singapore population in terms of securing financial independence. As compared to your peers, you have fairly poor money habits and is more likely to struggle with financial security. Here is your recommended action plan. 1. Focus on expanding the gap between your expenses and your income by: Tracking your debts and watch them dwindle Reducing your expenses as much as possible Upgrading your skill set and taking on more responsibilities to boost income Leveraging on your interests to start a side hustle Saving ~40% of your income every month Setting aside ~6 months of your expenses as an emergency fund for unforeseen circumstances 2. Start investing your savings for a higher rate of return. Below are our recommendations: Invest in a low-cost, diversified portfolio to accumulate wealth passively. Be mindful about using insurance products such as ILPs and endowment plans. Learn more here. - - - - - - - If you have questions about your investment/insurance portfolio or current wealth plan, drop us a message at https://www.providend.com/service-enquiry/ or contact us at 6309 2488. We offer a complimentary, no obligation initial meeting where we will give you our honest feedback regarding our ability to help you achieve your objectives and address the financial challenges you may be experiencing.
• 3.
  Grade B +

  Image Source

  You're doing great! It would take you about 10 more years before achieving financial freedom. You’re between the 76th to 90th percentile of the Singapore population in terms of securing financial independence. As compared to your peers, you have fairly good money habits and is less likely to struggle with financial security. Here is your recommended action plan. 1. Focus on expanding the gap between your expenses and your income by: Tracking your debts and watch them dwindle Boosting your income in every way possible Keep up with the commendable savings rate every month! 2. You can achieve financial independence earlier by using fundamentally sound financial instruments to increase your wealth's rate of return. Below are our recommendations: Invest in a low-cost, diversified portfolio to accumulate wealth passively. Be mindful about using insurance products such as ILPs and endowment plans. Learn more here. - - - - - - - If you have questions about your investment/insurance portfolio or wealth plan, drop us a message at https://www.providend.com/service-enquiry/ or contact us at 6309 2488.We offer a complimentary, no obligation initial meeting where we will give you our honest feedback regarding our ability to help you achieve your objectives and address the financial challenges you may be experiencing.
• 4.
  Grade A -

  Image Source

  You're in good shape! It would take you about 5 more years before achieving financial freedom. You’re at the top 10th percentile of the Singapore population in terms of securing financial independence. As compared to your peers, you have very good money habits and is not likely to struggle with financial security. Here is your recommended action plan. 1. Focus on expanding the gap between your expenses and your income by: Tracking your debts and watch them dwindle Keep up with the commendable savings rate every month! 2. You can achieve financial independence earlier by using fundamentally sound financial instruments to increase your wealth's rate of return. Below are our recommendations: Invest in a low-cost, diversified portfolio to accumulate wealth passively. Be mindful about using insurance products such as ILPs and endowment plans. Learn more here. - - - - - - - If you have questions about your investment/insurance portfolio or wealth plan, drop us a message at https://www.providend.com/service-enquiry/ or contact us at 6309 2488.We offer a complimentary, no obligation initial meeting where we will give you our honest feedback regarding our ability to help you achieve your objectives and address the financial challenges you may be experiencing.