â˘Financial Toolset Team
Should I use median or average for comparison?
Median is better for most people because it isnât skewed by outliers. Averages can be pulled up by a few ultraâwealthy households.
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Expert advice, practical tips, and actionable strategies to help you achieve financial freedom.
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â Back to all articlesâ˘Financial Toolset Team
What counts as savings for this tool?
Include liquid cash and investments you can access: checking, savings, taxable brokerage, and retirement accounts if relevant to your goal horizon. Exclude home equity.
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How can I âget youngerâ financially?
Increase savings rate, automate contributions, reduce bigâ3 costs (housing, transport, food), and capture employer match. Small percentage changes compound into years of progress.
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What key metrics should I track on my financial dashboard?
Focus on five core metrics: net worth trend (assets minus liabilities over time), savings rate (percentage of income saved), debt-to-income ratio, investment allocation (diversification), and progr...
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How often should I update my financial dashboard?
Update monthly for the best balance of accuracy and effort. Set a recurring calendar reminder for the same day each monthâmany people choose month-end or payday. More frequent updates can create an...
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Why is my net worth going down even though I'm saving money?
Net worth can decrease due to investment losses, new debt, or asset depreciation (like vehicle values). This is normal in volatile markets. Focus on factors you control: consistent savings, debt pa...
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Should I include my home value in net worth calculations?
Yes, include your home at current market value and your mortgage as a liability for an accurate net worth calculation. However, also track liquid net worth (excluding home and retirement accounts) ...
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What's a good savings rate to aim for?
Aim to save at least 20% of gross income, though this varies by age and goals. In your 20s and 30s, prioritize 15-20% for retirement alone, plus additional savings for other goals. If you're behind...
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How big should my emergency fund be?
Target 3â6 months of essential expenses. Single-income households, freelancers, or volatile industries should aim for 6â12 months. Prioritize rent/mortgage, food, utilities, insurance, and minimum ...
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How long can I last after a layoff?
Divide your emergency fund by monthly essential expenses. Add unemployment benefits (often ~40â50% of pay for up to 26 weeks, varies by state) and any severance to estimate runway.
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Should I pause investing during an emergency?
Yes temporarily. Build/maintain your emergency fund first, continue only employer 401(k) match if cash allows, and resume investing once 3â6 months of expenses are secured.
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What expenses should I cut first if income drops?
Cut discretionary categories (subscriptions, dining out, travel), renegotiate bills (insurance, internet), and switch to minimum debt payments. Consider forbearance or hardship programs if needed.
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What documents should be in my emergency kit?
Insurance policies, bank/retirement logins, debt accounts, pay stubs, resume, proof of address, medical info, and a contact tree. Store securely with a password manager and cloud backup.
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Is this real financial advice?
Itâs entertainment framed with behavioralâfinance tips (automate savings, avoid lifestyle inflation, diversify). Donât make investing decisions based on astrology.
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Will opening credit cards for âlucky pointsâ help me?
Only if you pay in full monthly and the math works. Never carry a balance for rewardsâinterest (15â30%) exceeds typical rewards (1â6%).
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How should I use these insights?
Treat the sign traits as prompts for selfâreflection. If youâre impulsive, automate savings; if perfectionist, avoid analysis paralysis by setting simple rules.
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Whatâs the safest âuniversalâ advice here?
Build a 3â6 month emergency fund, invest regularly in lowâcost diversified index funds, and keep highâinterest debt at $0.
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How do I start using the Financial Jeopardy calculator?
To use the calculator, simply select a category and a question level. Then, answer the question to test your financial knowledge and learn new information.
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