Make us your home page
Instagram

Trigaux: Answer 8 simple questions and see where you stand on economic prosperity ladder

What's your economic well-being? Take a test to find out.
[Shutterstock]

What's your economic well-being? Take a test to find out. [Shutterstock]

Broad brush inspections of the U.S. economy continue to reinforce the good news: the overall economy is improving. Here's why:

•There are more jobs — so many in Tampa Bay, for example, that with a 3.8 percent metro-wide jobless rate we are technically at "full employment." Flatlining wages since the recession are starting to creep up.

• Home prices are rising vigorously in Florida and Tampa Bay, and replenishing the home equity coffers of homeowners after the housing collapse of a decade ago.

• The stock market keeps pushing into record territory. The Dow keeps pressing above 21,000. That's nearly three times what it was in March of 2009 — a remarkable ascent in eight short years.

So everything's great, right? They're good for many, but not all folks are prospering.

Where do you stand on the ladder economic prosperity?

***

Take this simple test of eight questions. Each answer is assigned a number. Add up all the numbers attached to your answers and see where you rank. Details at the end.

 

1. What's my employment situation?

a. A full-time job with benefits. (4 points)

b. Several part-time jobs, no benefits. (2 points)

c. Part-time work but it does not pay enough to be independent. (1 point)

d. Unemployed. (0 point)

 

2. How's my paycheck?

a. I make good money and get decent raises. (4 points)

b. My paycheck is pretty much flat and going nowhere. (2 points)

c. I make close to minimum wage and need more work to make ends meet. (1 point)

d. What's a raise? (0 point)

 

3. Where do I live?

a. I own my home and have an affordable mortgage. (4 points)

b. I rent and am happy not hassling with home ownership. (4 points)

c. I bought a house but am having trouble keeping up with payments. (2 points)

d. I live in my parent's basement. (0 point)

 

4. Will I be able to retire?

a. I am retired and living the good life. (4 points)

b. I am still working but not sure I can save enough to retire by 65. (2 points)

c. Social Security will see me through. (1 point)

d. I can't afford to save for day-to-day needs much less a retirement. (0 point)

 

5. How's that soaring Dow?

a. I have money in the stock market and am building a nest egg thanks to the bull market. (4 points)

b. I do not trust stocks after the 2009 market crash but I try to save in other ways .(3 points)

c. I did not take advantage of 401(k) or other retirement plans where I work. Is it too late? (1 point)

d. The Florida Lottery's Powerball is in the news. I'm feeling lucky. (0 point)

 

6. How far did I get in school?

a. Got a four-year or advanced degree that makes me competitive for a range of decent paying jobs. (4 points)

b. Got technical training for in-demand jobs that do not require college but pay pretty well. (3 points)

c. Made it through high school. (1 point)

d. Fries with that? (0 point)

 

7. Do I go to doctors on a regular basis?

1. I go to medical doctors and dentists regularly and have adequate health insurance. (4 points)

2. I have Affordable Care Act coverage though I'm not sure how long that will last. (2 points)

3. I rarely get sick and will take my chances without health coverage. (1 point)

4. I do not have coverage and go to emergency rooms when necessary. (0 point)

 

8. How's my debt?

a. I have no debt. (4 points)

b. I pay off my credit card more often than not and try to manage my expenses. (3 points)

c. I have student loan debt which makes it hard to save money for important things. (2 points)

d. I'm way over my head and debt collectors keep calling. (0 point)

 

Now add up your points and see where you likely landed on the prosperity ladder:

• 24-32 points: You did well. Though you are no Bill Gates, you are likely in good financial shape to be independent and able to retire in reasonable comfort.

• 16-23 points: You have some financial strengths but also weaknesses. Rethink your money matters so you have time to get on a better track for saving and retirement.

• 8-15 points: If you are young, there may still be time to turn around your pending financial disaster. If you're nearing middle age or retirement, you're probably facing hard times. Either way, seek professional financial help.

• Less than 8 points: Ouch. Reach out to agencies, charities, churches, friends and family.

Contact Robert Trigaux at [email protected] Follow @venturetampabay.

U.S. economic well-being: By the numbers

These findings appear in a 162-page "Report on the Economic Well-Being of U.S. Households" released last month by Federal Reserve Board researchers. These takeaways are based on a survey of more than 6,600 responding U.S. adults. They shed light on some of the challenging economic trends confronting the United States and, of course, Florida's future.

 

70: Percent of adults who say they live comfortably or do okay financially.

30: Percent (73 million adults) who either find it difficult to get by or just get by financially.

40: Percent of adults with a high school degree or less who say they struggle financially.

17: Percent of those with at least a bachelor's degree who say they struggle financially.

17: Percent of workers whose schedules vary based on employer needs.

76: Percent of full-time workers offered paid sick leave.

27: Percent of part-time workers offered paid sick leave.

8: Percent of contract workers offered paid sick leave.

47: Percent of adults who report their income exceeded their spending in the prior year.

76: Percent of adults who expect to be able to pay all of their current month's bills in full.

23: Percent who expect to only pay some bills or only make partial payments on their bills.

48: Percent of those with credit cards who say that they carry a balance some, most, or all of the time.

18: Percent of all adults who went without dental care in prior 12 months because they could not afford it.

12: Percent who went without a doctor visit in past year.

11: Percent who went without prescription medicine in past year.

Source: Federal Reserve Board, Report on the Economic Well-Being of U.S. Households

Trigaux: Answer 8 simple questions and see where you stand on economic prosperity ladder 06/02/17 [Last modified: Friday, June 2, 2017 11:57pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Target says customers want it to pause the Christmas creep

    Retail

    NEW YORK — Target says customers want it to pause the "Christmas creep." It says it wants to be more in tune with customers' mindset, so it plans to ease in holiday promotions this year while better recognizing Thanksgiving.

     Target says customers want it to pause the "Christmas creep." It says it wants to be more in tune with customers' mindset, so it plans to ease in holiday promotions this year while better recognizing Thanksgiving. This is Target's new store in Manhattan's Herald Square that opened last week. 
[Kavita Kumar/Minneapolis Star Tribune/TNS]
  2. Tampa's Walter Investment Management restructuring, could file for bankruptcy

    Corporate

    TAMPA — Tampa-based Walter Investment Management Corp. is restructuring to cut down some of the mortgage firm's $700 million debt, Walter announced Friday night. The firm, according to its investor relations page, focuses on subprime and "other credit-challenged" mortgages.

    Walter Investment Management is restructuring to reduce its $700 million debt, the company announced late Friday. Pictured is Anthony Renzi. CEO. | [Courtesy of LinkedIn]
  3. Carrollwood fitness center employs scientific protocol to help clients

    Business

    In 2005, Al Roach and Virginia Phillips, husband and wife, opened 20 Minutes to Fitness in Lakewood Ranch, and last month they opened the doors to their new location in Carrollwood.

    Preston Fisher, a personal fitness coach at 20 Minutes To Fitness, stands with an iPad while general manager/owner Angela Begin conducts an equipment demonstration. The iPad is used to track each client's information and progress. I also included one shot of just the equipment. The center recently opened in Carrollwood. Photo by Danielle Hauser.
  4. Olive Tree branches out to Wesley Chapel

    Business

    WESLEY CHAPEL — When it came time to open a second location of The Olive Tree, owners John and Donna Woelfel, decided that Wesley Chapel was the perfect place.

    The Olive Tree expands its offerings of "ultra premium?€ extra virgin olive oils (EVOO) to a second location in Wesley Chapel. Photo by Danielle Hauser.
  5. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times