Signup to receive email updates

or follow our RSS feed

Blog Archives

507 Total Posts

follow our RSS feed

Blog Banner

Plan Well, Retire Well

Saving and investing your money

Take the Money Quiz (Dinero Mania) from Fiesta del Sol in Chicago

This weekend, Chicago will be the site of one of the largest public events for Hispanics in the country – Fiesta del Sol. While there will be lots of music and entertainment, one booth will be focusing on financial education on Thursday and Friday. University of Illinois Extension will be offering Money Mania (Dinero Mania) where participants can test their knowledge about saving, IRAs, and other retirement plans.

You can take the quiz too! Read the questions below. (The English version appears first, then the questions are repeated in Spanish. I apologize that the editor for this blog did not recognize the special characters and accents needed for some of the Spanish words.) Choose your answers. Then scroll down to check your answers. Click on my name at the end of this post and let me know how you did!

This is all part of U of I Extension's effort to provide financial education, particularly about savings, investing, and retirement, to both English and Spanish speakers. To learn more, go to or

In English:

1. You should have an emergency fund before you start investing or putting money into a retirement account.

2. You should help your child pay for college instead of saving money for your own retirement.

3. If I save $10 a week for the next ten years, I could have over $6000.

4. Having money deducted from your paycheck and deposited directly into a savings account or IRA (Individual Retirement Account) is the easiest way to save money.

5. If either you or your spouse is working, you are eligible to put money into an IRA.

6. There are two types of Individual Retirement Accounts: Traditional (tax-deferred) and Roth (tax free).

7. $100 is not enough to start an IRA.

8. You can name a beneficiary (the person who will inherit) for your IRA or other retirement accounts.

9. There are no retirement savings plans for self-employed persons.

10. If you file bankruptcy, you will lose the money in your IRA and other retirement plans.

En Espanol:

1. Debe tener un fondo de emergencia (dinero separado para emergencias) antes de empezar a invertir o depositar el dinero en una cuenta de jubilacion.

2. Debe ayudar a sus hijos a pagar la universidad en lugar de ahorrar dinero para su jubilacion.

3. Si ahorra $10 por semana en los proximos diez anos, podria ahorrar mas de $6000.

4. Deducir dinero de su cheque de pago y depositarlo directamente en una Cuenta de Jubilacion Individual (IRA en ingles) es la manera mas facil ahorrar dinero.

5. Si uno de los esposos esta trabajando, es elegible para contribuir dinero a una Cuenta de Jubilacion Individual (IRA en ingles).

6. Hay dos tipos de Cuentas de Jubilacion Individual: Tradicional (impuestos diferidos) y Roth (libre de impuestos).

7. $100 es insuficiente para empezar una cuenta de IRA.

8. Puede nombrar a un beneficiario de su Cuenta de Jubilacion Individual (IRA en ingles) u otras cuentas de jubilacion.

9. No hay planes de jubilacion para las personas que trabajan por cuenta propia.

10. Si se declara en bancarrota, perder�?????�????�???�??�?�¡ el dinero de su Cuenta de Jubilacion Individual (IRA en ingles) y otros planes de jubilacion.


  1. TRUE

  2. FALSE
  3. TRUE (at 4% interest, in an 18% tax bracket -15% federal, 3% state)
  4. TRUE
  5. TRUE
  6. TRUE
  7. FALSE
  8. TRUE
  9. FALSE
  10. FALSE

Please share this article with your friends!
Share on Facebook Tweet on Twitter


Email will not display publicly, it is used only for validating comment