DePaul University

Where Are You On The Road To Wealth?

Do you have a budget set up to control your spending?

Yes, I have a written monthly budget that I use regularly

Sometimes I budget how I will spend my money but not every month

I don't have a budget
Do you spend less than you earn?

Yes, I always save some of my money

It varies. Some months I'm good at not spending all my money but other months I have nothing left.

No, I spend all of my money every month and sometimes I charge items when I run out of money
Are you saving at least 10% of your monthly income?

Every month I save 10% or more.

I save regularly but it is not always 10%.

I do not save money.
Are you saving money in an account gaining interest?

Yes, I opened a savings account with a pretty high interest rate.

I have a savings account but the interest rate is less than 2%.

If I save money it is in my checking account or my house.
Are you earning at least 4.5% interest on your savings account?

Of course, I reviewed several banks to ensure I got one of the highest savings interest rates available

My interest rate is at least 4.5% but I still leave more money sitting in my checking account

I don't know what my interest rate is
Have you paid down the majority of your credit card debt?

I do not have credit debt because I pay my balance in full when I use my card

I have paid off most of my cards and have a low balance on one

Most of my cards are maxed or close to the limit
Have you written down your wealth-building goals and an action plan?

Yes, I have written short-term, intermediate and long-term goals and plans for building wealth

I have thought about some of the reasons why I want to build wealth but I haven't written anything down or devised a plan

No, I haven't thought about building wealth for future purposes
Have you begun to do research on the different ways to invest?

Yes, I have been reading about investing basics online, in financial magazines and in books

I know what stocks, bonds and mutual funds are but I don't know any specifics about how to choose them or buy them.

I don't know anything about investing.
Do you contribute to an individual retirement account or an employer sponsored retirement plan?

Yes, I contribute money every month to my retirement account

I have an individual retirement account but I don't put money in it regularly

I am not saving towards retirement
Have you established an investing portfolio?

Yes, I have a diversified investing portfolio that I carefully chose on my own or with my financial advisor

I have a little money invested but I didn't do much research

I don't have any money invested anywhere

20 - 15 You are definitely on the road to wealth. If you continue to practice smart money habits you are very likely to reach your wealth-building goals. Review any questions you answered B or C to and make necessary changes to further improve your situation. Review the Make Your Money Grow section for suggestions.

14 - 7 You have started practicing some habits that lend themselves to building wealth. However there are still some areas you could stand to improve. Attend one of the Financial Fitness workshops focused on building wealth and investing and review the Make Your Money Grow section for additional suggestions.

6 - 0 In order to make your money grow you will need to begin practicing more wealth-building strategies. Think about attending one of the Financial Fitness workshops focused on building wealth and investing. Or set up an appointment with a Financial Fitness advisor to get individualized attention on how to increase your wealth.