Living Beneath Your Means Quiz

What does it mean to “live beneath your means”?

• Spend all the money you earn

• Spend more than you earn

• Spend less than you earn

• Borrow money for fun

Which of the following is an example of living beneath your means?

• Buying the newest iPhone

• Eating out every day

• Shopping without a list

• Packing your lunch

According to 'The Millionaire Next Door', most millionaires:

• Spend lavishly

• Show off their wealth

• Live modestly and budget

• Inherit all their money

What is one reason to live beneath your means?

• To impress others

• To build debt

• To reach your financial goals faster

• To spend more freely

What’s a good example of smart spending?

• Buying something just because it's on sale

• Comparing prices before you shop

• Shopping when you’re sad

• Impulse shopping online

What is NOT one of the “simple habits that build wealth”?

• Track your spending

• Set savings goals

• Use a credit card and never pay it back

• Learn about investing

Why do many people impulse buy?

• They are saving money

• They carefully planned the purchase

• They are spending for emotional reasons

• They made a shopping list

Why is living beneath your means NOT about how much you make?

• It’s about your credit score

• It’s about what you own

• It’s about how much you keep

• It’s about your job

Which of the following is an example of an impulse buy?

• Buying a sweater after comparing prices

• Grabbing candy at the checkout line

• Saving up to buy a bike

• Waiting 24 hours before buying shoes

What’s the best reason to avoid unnecessary debt?

• It lowers your taxes

• It helps you qualify for more credit cards

• It helps build wealth

• It makes shopping more fun