Chapter 1 Planning: Your Financial Future Begins Here 3 Copyright Goodheart-Willcox Co., Inc. May not be reproduced or posted to a publicly accessible website. Your Financial IQ Before reading this chapter, answer the following questions to see how much you already know about financial literacy. 1. What is financial literacy? ______________________________________________________________________________ ______________________________________________________________________________ 2. What is the purpose of a financial plan? ______________________________________________________________________________ ______________________________________________________________________________ 3. Name one of your financial goals. ______________________________________________________________________________ ______________________________________________________________________________ 4. How often do you spend money on things you need? ______________________________________________________________________________ ______________________________________________________________________________ 5. How often do you spend money on things you want? ______________________________________________________________________________ ______________________________________________________________________________ 6. Name something you value. ______________________________________________________________________________ ______________________________________________________________________________ 7. What are your priorities? ______________________________________________________________________________ ______________________________________________________________________________ 8. What does it mean to be wealthy? ______________________________________________________________________________ ______________________________________________________________________________ 9. Is there anything you could give up spending money on now in order to begin saving money for later? ______________________________________________________________________________ ______________________________________________________________________________ 10. How do people make their money grow? ______________________________________________________________________________ ______________________________________________________________________________