I broke down and took the A.G. Edwards Nest Egg Score estimation thing. I’m doing better than average for my age group (18-35), so I’m satisfied. The mini-quiz asked a few questions about my living status and my investing and savings habits, and presented these suggestions:
* Continue to manage debt.
* Maximize your retirement contributions.
* Consider your other financial goals.
* Review your investment mix.
* Create or review your estate plan.
Thanks to Ka-Blog, Next Income Bracket, and Penny Foolish who first posted about this quiz. I received an email about it some time ago, but dismissed it as junk like 95% of the email I receive.
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Aww, I’m jealous. It didn’t tell me to create an estate plan – I guess it figures I have nothing to leave to anybody anyway. =)
Better than average does not necessarily equal “good” or “on track.”
Right, FMF, but in this case it’s a non-scientific, meaningless number designed to sell A.G. Edwards’ services, so I’m not too concerned about it. There’s no complex formula behind the number unlike credit scores. No lost sleep. :-) The short list of questions provides the software less information than other internet quizzes like “Which character from Buffy the Vampire Slayer are you.” Even the most basic low-tech, paper-and-pencil “purity test” questionnaire provides more details about someone’s financial condition. :-)
Flexo, like I told Kira, the numbers don’t really hold much weight, since there would have to be a lot more questions to approximate a score for everyone. I’m sure FICO scores take everything into consideration…thousands of data points. Either way, I think we’re in good shape since we’re thinking of personal finance more than the average person.