It is a constant lament these days, reinforced by hiring recruiters, and employers seeking skilled workers. The refrain is the same. Jobs require skill sets that - at a minimum - include the basic four: maths, reading comprehension, writing at a professional business level, and clear communication proficiency.It can be argued that the most important attribute for employment is still a positive attitude. It is true that strength in attitude alone may get you in the door. Employers require performance, however, as well; the big four components listed above overwhelmingly contribute to keeping your job.We are a facing big changes in our personal financial comfort. Governments, including our own Bermuda government, are weighted with debt, mismanagement, inflation/recession pressure, and limited funds. They are struggling to pay for every day basic government necessities, ie transportation, vital municipal services, and social benefits for those without safety nets. Funds restricted for retirement, and debt repayment may be re-evaluated or become inadequate for increasing numbers of pensioners, or co-opted for other priority projects. Every year, we are seeing higher levels of the responsibility for our own financial success, both present and future, being pushed back to us.Big brother cannot take care of you, anymore.We, and we alone, will determine where we end up in our financial life. We can’t rely upon anyone but ourselves. We can help each other and we can be vigilant, but we can’t accomplish this incredibly important goal without a good understanding of financial information.l How can we figure out where we will be in retirement?l What are our employment benefits?l What kind of insurance should we have?l How can we begin to plan a budget, if we don’t know the total cost of our expenses - every day?l How do we figure out the value of a mutual fund in our pension?So how financially savvy are you right now?Every couple of years, I trot out a financial literacy quiz, adapted from the Jump$tart non-profit program in the United States, and complemented with domestic financial situation questions that reflect our unique financial jurisdiction heritage.Each time it has been featured, there have been a few very brave souls who were willing to put in the time and effort. Last time around though, more people wrote or actually called to tell me that they didn’t want to try the quiz because they were afraid they would fail, than actually took the quiz.This was revelatory news to me, both disturbing and very sad.I remain optimistic, however, and encourage you to try again. No one needs to know what your score is. The quiz will be printed over the next couple of weeks - there are 20 questions - I challenge you to see what you do know.Answers to follow before May 24 to give you some time to think about learning more about your own finances. You can send your scores confidentially to me, if you like, but it isn’t necessary.How much do you know about your finances?1. Matt and Troy are younger career professionals, both have good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation. Troy has borrowed $6,000 to buy a used car. Who is likely to pay the lowest finance charge?a) Matt will pay less because people who travel overseas are better risks.b) They will both pay the same because they have almost the same financial backgrounds.c) Troy will pay less because the car is collateral for the loan.d) They will both pay the same because the banks are so competitive.2. If you went to college and earned a 4-year degree, how much more money could you expect to earn than if you only had a high school diploma?a) A little more; about 20 percent more.b) A lot more; about 70 percent more.c) About 10 times as much.d) The sky is the limit, I am an entrepreneur no matter what I make, I am in control.3. Which one of these investments is protected against losses in Bermuda?a) Local shares issued by a Bermuda company.b) A corporate bond.c) A certificate of deposit at your local bank.d) None of the above.4. Which is better: the average return of the market every year for three years - it’s about 10 percent; or getting annual returns of the following?a) First year a negative (20) percent, second year a negative (23) percent, and third year a positive return of 53 percent.b) About an average of 10 percent per year.c) Both a and b are the same, but I could not handle two years of heavy losses.5. Justin, started his first job about eight months ago in Bermuda, with a gross pay of $3,000 leaving take-home pay of $2,000 per month. He must pay $800 for rent for a shared apartment, and $300 for groceries each month. He also spends $200 per month on transportation. If he budgets $100 each month for clothing, $50 for restaurants and $250 for everything else, how much will he have saved in total from all wage sources in three months?a) $900.b) $1,350.c) $1,800.d) Oops, he forgot about his credit card minimum payment of $300 per month.6. I own a money market fund that pays about one percent per year. If I invest $1,000 at the beginning of the year, at the end of the full year, I will have?a) $1,010b) $1,100c) The amount might be $10 plus the what I invested, but it might be less, might be more.And there is the Quiz start with the first six questions. Next week the remaining group will be featured. If you don’t want to be bothered, at least spend some time this weekend reviewing your finances, your spending habits, your savings, and your personal goals. It is always beneficial to know where you stand financially.Martha Myron, JP CPA CFP(US) TEP, is an international Certified Financial Planner™ practitioner in private wealth management. She specialises in independent fee-only cross border investment, tax, estate, and strategic retirement planning services for Bermuda residents with United States and multi-national connections, and US citizens living and working abroad. She is a Masters in Law candidate in International Tax and Financial Planning and the American Citizens Abroad Country Contact for Bermuda. www.americansabroad.org For more information, contact martha.myron[AT]gmail.com or 296-3528 at Patterson Partners Ltd.