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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Fun test to really work the noggin
Only one i didn't know was the Private School question…for obvious reasons…
this was so entertaining!!! always a pleasure to watch your videos
Heyyy! I only missed one!!!
i got 7/8 and im 15
This is normal, but said.
I did well and come to think about it I learned it all from you🧐…but where my stacks at??
i try to tell my friends about finances but none of them listen.
Such a fun video!
If you invest your money in large quantities of cocaine you usually are uo
Remember the rule of 72 is only approximate. The accurate answer is 4.96 years, not 4.8.
Oh dear. I’m crap.
I'm too European (Dutch) for this. I don't get this system at all. Credit what now?
3:26 Doug DeMuro
Do a vid on PULSE-CHAIN PLEASE
This was really fun do another!!!
Where is the Canadian version of you man!?
When you try to be a dad, and the women your with says you act like her dad 🥲 life is cruel my friend time dose not heal old wounds but you know what dose….
Buying crypto…..
😞
wonder what the dougscore of american financial literacy is. probably low in the weekday category ngl.
I got them all right except for the credit card balance double time, but I could’ve gotten it if I took more time and used a calculator. The last quiz was laughable.
This is why I hate the functionality of insurance companies
Got 100% correct 🏆. Am I invited to the millionaire club?
can you do a video on the 15 v 30
“Thanks to Acorn, for NOT sponsoring this video” 💀💀
People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin…
Andrei Jikh says I'm a financially literate genius!
I answered the easy ones wrong and I got all the tough ones right. Story of my life.
The key to your financial freedom is in your hands. Intelligent investors shouldn’t ignore the words of expert Gossuna Jonprey. He says, how many millionaires or billionaires do you know who have become wealthy by investing in savings accounts? Obviously non has become rich by puting their wealth in savings accounts..
Four