Financial quiz: answer these key questions

#1. Has someone ever "called you out" and caused you to examine what really works?

For me, the answer is yes . . . Sarabeth, a fellow swimmer in my Masters Swim Group. We meet three times a week at 5 a.m. for a full-blown workout. Even though I have spinal cord damage, I love working out with these "big dogs" because they challenge me to swim my best every time.

Sarabeth especially. One Valentine's Day, she challenged me to a 50 meter race. I took her up on this offer and now have a new appreciation for the term St. Valentine's Day Massacre. Well, Sarabeth only plays for the number one slot. That day, she kicked my behind! I thank her for this; she gave me an instant opportunity to evaluate my attitude and my training.

I confess that, over the years, my physical challenges have dulled my competitive desires. This has spread into other areas of my life - like accepting second best when I really wanted to be the lead dog. Please don't fall into this trap!

In my quest to give Sarabeth a better race, I'm losing weight, I'm working with a strength coach in addition my swimming coach, and I'm committing to work and play harder.

What would happen if someone like Sarabeth challenged you in your financial game?

#2. Can you really afford your Starbucks' outings?

The average American spends between $1,500 and $1,800 a year at Starbucks coffee shop. People constantly tell me they're saving for retirement - some aggressively. Whether your portfolio is made up of stocks, real estate, royalties, or small business assets, take a quick snapshot. and answer this question. Does your portfolio pay enough in dividends and interest to cover these extra Starbucks pleasures? If it doesn't, what has to change?

People don't like change. If your strategy doesn't create enough cash for life's pleasures today, you won't be inclined to change that strategy when you retire. Why not develop a portfolio that lets you enjoy a prosperous lifestyle today?

#3. How can you increase your prosperity immediately?

Here's what you can do:

1.      Surround yourself with others who play the financial game significantly better than you do, much like I do with my Masters Swim Group.

2.      Review your financial strategy once a month. Is it working? If not, what changes will you make? Don't cop out and say you are a long-term investor, that you're saving for retirement! That strategy doesn't work. (Ask me more about that!)

3.      Get coaching. It may take the form of a life coach, investment advisor, or financial consultant. The point is, have someone be brutally honest with you, someone who challenges you about what you do and why you do it.

4.      Educate yourself in the process. Don't become entirely dependent on an advisor. Trust your gut and share your dreams and fears in the financial game. Yes, it can be a sport, just like swimming.

5.      Admit that you're competitive and like to finish first, even in the financial game. Sara Beth and the other Masters don't show up at 5 a.m. just for the heck of it. If she doesn't finish first, she makes the necessary adjustments. Will you?

#4. Are you ready to make better use of your portfolio dollars?

If you say yes, "Great." Let's start molding your portfolio into a cash cow that would feed your Starbucks habit for years! But beware. If you don't like change, you'd better plan your financial exit strategy now.

Don't accept "I can't" for an answer. You can finish first in your own financial game.

Work with a financial coach to bring in more Starbucks' income