Money IQ Challenge 22
Question: ❓If one spouse stays home to raise the kids, how much life insurance coverage do experts often recommend for them? A) None—since they don’t bring in income B) Enough to cover 1 year of household expenses C) $250,000 flat amount D) Enough to cover childcare, household work, and future needs (often hundreds of […]
Money IQ Challenge 21
Question: ❓If you take out a standard 30-year mortgage, about how much will you typically pay in interest over the life of the loan? A) Around 20–30% of the purchase price B) Around 40–50% of the purchase price C) Around 80–100% of the purchase price D) More than double the purchase price Answer: ✅ C) […]
Money IQ Challenge 20
Question: ❓If you invest $5,000 and it earns an average of 7% per year, about how long will it take to double? A) 5 years B) 7 years C) 10 years D) 14 years Answer: ✅ B) 7 years Here’s why: That’s the “Rule of 72” in action—you divide 72 by your annual rate […]
Money IQ Challenge 19
Question: Marcus has a brokerage account, a savings account, and a life insurance policy. He just lost his job and needs quick access to money to cover the next few months. ❓Which should he use first? A) Life insuranceB) Savings accountC) Brokerage accountD) Take out a loan Answer: ✅ B) Savings account Here’s why: Savings […]
Money IQ Challenge 18
Question: ❓Which investor ends up with more money by age 65 (at an 8% return)? Lisa, who invests $5K per year from age 25–35 and then stops Mark, who invests $5K per year from age 35–65 Answer: ✅ Answer: Lisa Here’s why: Lisa invests $5K a year for just 10 years—then stops. Mark invests the […]
Money IQ Challenge 17
Question: ❓What’s one common thing people forget to include when calculating their life insurance needs? A) Childcare or household help B) Mental health support (therapy, grief counseling) C) Time off work for your spouse or partner D) All of the above Answer: ✅ D) All of the above Here’s why: When most people think about […]
Money IQ Challenge 16
Question: ❓At what age can you claim the maximum monthly Social Security benefit? A) 62B) 65C) 67D) 70 Answer: ✅ D) 70 Here’s why: If you want the highest possible monthly Social Security benefit, you’ll need to wait until age 70 to start collecting. You can start as early as 62—but the checks are smaller. […]
Money IQ Challenge 15
Question: ❓If you invested $100,000 for 20 years, which of these would give you the biggest return? A) 7% return every year for 20 yearsB) 10% for the first 5 years, then 4% for 15 yearsC) 4% for the first 15 years, then 10% for the final 5D) They’d all end up with the same […]
Money IQ Challenge 14
Question: ❓What’s the main difference between term and permanent life insurance? A) Term insurance is cheaper and permanent is more expensiveB) Term lasts for a set period, permanent lasts for lifeC) Permanent builds cash value, term doesn’tD) All of the above Answer: ✅ D) All of the above Here’s why: But here’s the real difference […]
