Only 4 in 7 Americans are financially literate - this is what they get wrong.
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Over 10 million households in the US reported a net worth of between $1 million to $5 million. According to Fidelity, the number of IRA and 401K millionaires has grown 74.5% year over year. https://www.bloomberg.com/news/articles/2021-08-19/ira-401k-millionaire-retirement-accounts-jump-75-to-record-at-fidelity
Here are the basic questions most Americans cannot answer correctly when it comes to their personal finance and things like how to make a budget, how to balance a checkbook, how to save for retirement, how to invest for kids, how to buy real estate, etc.
QUESTION 1:
Which of the following, does NOT affect your credit score. Is it A Payment History. B. Credit Card Balances, or C. Income and Assets.
QUESTION 2:
If you have $100 in your savings account earning interest 1% per year, how much would you have in 5 years time? Is it A. Less than $105? B. Exactly $105. Or C. More than $105?
QUESTION 3:
If you pay money into a retirement account that is considered “pre tax”, it means you might be able to reduce your taxes at the end of the year. Is that statement A. True. Or B. False.
QUESTION 4:
If you have children and they go to a private school, their tuition is tax deductible. Is that statement A. True. Or B. False.
QUESTION 5:
Let’s say you have a $1,000 credit card balance - If the interest rate on this card is 15% annually (APR) and you chose not to pay off that credit card, how long would it take for your balance to double? Is it A. Less than 3 years. B. 3-5 years. C. 5 to 7 years, or D. more than 7 years.
QUESTION 6:
A 15 year mortgage has higher payments than a 30 year mortgage, but the total interest paid over the lifetime of the loan will be less. Is that statement A. True or B. False.
QUESTION 7:
Investing in an individual stock like Apple is much safer than investing in a broad market exchange traded fund. Is that statement A. True. Or B. False
QUESTION 8:
If you never make a claim on your insurance policy, you get your money back. Is that statement A. True. Or B. False.
Take the test here: https://grow.acorns.com/8-question-financial-literacy-test
Additional sources: https://www.gobankingrates.com/money/wealth/aspiring-millionaires-key-to-wealth/
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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