Podcasts about financial literacy quiz

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It’s Sunday, which means...It’s recap time!  The theme for this week was: Could you pass this financial literacy quiz? I quizzed you on the FINRA Investor Education Foundation. National Financial Capability Study, a 5 question financial literacy quiz with topics ranging from basic principles on interest, diversification, how debt works, and basic bond concepts.  Sunday is usually a day dedicated to recapping the week, but instead, I’d like to direct you to take the quiz for yourself if you missed any of these episodes for the week. You can find the quiz link in the show notes for today’s episode:  Financial literacy quiz link: https://www.usfinancialcapability.org/submit_quiz.php  The quiz has a bonus question, so here it goes for your extra credit: Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn't pay anything off, at this interest rate, how many years would it take for the amount you owe to double? Less than 2 years 2-4 years 5-9 years 10+ years The answer? 2-4 years. The exact answer can be found by using the rule of 72, which is a quick and easy way to figure out how long it will take for your money to double. It also works in the reverse case in the question posed here. You take 72 divided by the interest rate, in this case 20% and that tells you how many years it will take for your amount owed on your debt to double. 72/20 = 3.6...which means that those high interest credit card payments are racking up like crazy and you’ll soon owe twice that much if you don’t get to work on knocking out that debt. The good news for investors is that the reverse is also true. If you make 20% annually on your investments, it will take only 3.6 years for that investment to double in value.  Hopefully after listening to the One Minute Retirement Tip this week you have a better understanding of basic financial literacy concepts. If you scored a 3 out of 6 or higher on this week’s quiz, you’re doing better than the average American, so give yourself a little pat on the back.  Tomorrow we’re starting a brand new theme: how to consolidate old investment accounts. I’ll walk you through how to consolidate your old 401k accounts - it’s a process that always trips people up, but we’ve done this with our clients hundreds if not thousands of times, so I’ll share with you the steps to take to consolidate your old investment accounts and simplify your financial life in the process. I’ll also talk about why it’s so essential to consolidate and simplify your financial accounts in retirement, and even how to simplify other aspects of your investment portfolio by using auto-pilot features in your 401k.  Thank you so much for listening this week! My name is Ashley Micciche and I hope you have a blessed Sunday. ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the One Minute Retirement Tip podcast is could you pass this basic financial literacy quiz?  Today’s financial literacy quiz question is: Buying a single company's stock usually provides a safer return than a stock mutual fund.  True or False?  The answer is false. A stock mutual fund is much more diversified than a single company’s stock, so the mutual fund is going to provide the safer return, since it’s not tied to the fate of a single company or stock. When you buy a stock, you buy a % of ownership in that business. Now that ownership % may be incredibly tiny, especially when you own shares of stock in Google or Apple or Wal Mart, but your shares of stock represent ownership in that business.  As a result, your results when you just buy a single company’s stock are completely tied to the fate of that business. Now if you hit a home run and that company’s stock grows by 1000%, you’ll be pleased with yourself that you bought that stock. But any investor worth their salt knows that companies and businesses fail. Industries change. Management changes. Times change. In fact it’s likely that the dominant stocks today won’t be the same dominant stocks 20 years from now. Go back across any decade over the last 50 years...it’s a new batch of companies at the top each time, and plenty of the most loved stocks of 30, 40, 50 years ago have been run into the ground, with their stock price falling from grace right along with the business.  So the safer and more prudent choice is to diversify, and that’s why investments like mutual funds and exchange traded funds (aka ETFs) are such a great option.  You can think of a mutual fund or an ETF as a bucket that holds anywhere from about 50 companies to 1000+ companies. By purchasing shares of the mutual fund or ETF, you indirectly own a tiny percentage in all of those stocks that are owned by the mutual fund. Instant diversification for as little as $50 or $100 to get started and spread that money across different companies and industries, all in one mutual fund. That’s it for today, Thanks for listening!  My name is Ashley Micciche and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the One Minute Retirement Tip podcast is could you pass this basic financial literacy quiz?  Today’s financial literacy quiz question is: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less. True or false?  The answer is true. Even though the payments will usually be higher on the 15 year loan, it’s a much better deal than the 30 year mortgage over the long-term because you’ll pay A LOT less in interest.  Each mortgage payment you make to the bank is a combination of principal repayments on the original loan amount and interest. With a 15-year mortgage you’ll be paying a lot more in principal with each payment and it will be a much cheaper loan over that 15 year time period.  Plus, to have your house paid off in only 15 years is a great thing, especially if you are getting close to retirement. Not having a mortgage payment in retirement will free up your finances and give you more disposable income to spend on travel, hobbies, and enjoying your retirement. If you don’t want to or can’t afford to lock yourself into a 15 year mortgage, then familiarize yourself with an amortization calculator. They are free online, easy to use, and it will show you how extra payments of $100, $500, or even $1000/month will shorten the life of your loan.  You may be surprised how many years you can shave off the life of your mortgage loan just by consistently making extra payments.  That’s it for today, Thanks for listening!  My name is Ashley Micciche and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the One Minute Retirement Tip podcast is could you pass this basic financial literacy quiz?  Today’s financial literacy quiz question is: If interest rates rise, what will typically happen to bond prices? Rise, fall, stay the same, or is there no relationship? The correct answer is bond prices will fall when interest rates rise. They have an inverse relationship and function like a seesaw - when one goes up the other must go down.  Interest rates are very low right now and have already started to tick up again. With that in mind, what would you expect to happen to the value of your bond portfolio if interest rates continue higher? Yep, you guessed it! The value of your bond portfolio will drop.  One interesting explanation that I don’t think about much is that this happens  “because as interest rates go up, newer bonds come to market paying higher interest yields than older bonds already in the hands of investors, making the older bonds worth less.”  You can protect yourself from higher interest rates by keeping your bonds invested for short and intermediate terms. Bonds that will mature in less than a few years won’t see as big of a drop in price as a bond that matures in 10 or 15 years. Diversifying into some international bonds may also help since interest rate markets vary from country to country, and lastly, interest rates and inflation are often tied together, so owning treasury inflation protected securities (or TIPS) is also a great hedge to rising interest rates within your bond portfolio.  That’s it for today, Thanks for listening!  My name is Ashley Micciche and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the One Minute Retirement Tip podcast is could you pass this basic financial literacy quiz?  Today’s financial literacy quiz question is: Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today? The correct answer is less, and the reason why is inflation. In the above scenario, prices grew by 2% - so bread, gas, milk, light bulbs - everything is now slightly more expensive than it was a year ago.  When I was a kid, I used to live within biking distance of a 7-11, and I could ride my bike there with my neighbors and buy those individual packs of laffy taffy for 5 cents. That was in the early 1990s and prices have gone up a lot in the last 30 years. But if prices are increasing at 2% and your money in the bank is only making 1%, you’re actually losing money in REAL dollar terms. You may have made money - your $100 is now worth $101 a year later, but that $101 doesn’t buy you as much as your $100 did last year, so you LOST money after accounting for inflation. It’s very important to understand inflation because it will ensure that you don’t invest in just canned food, gold coins, and guns to protect yourself for the future. Investing in stocks is essential to helping your money grow more than the rate of inflation, and if you understand the damaging effects of inflation, you can make smarter decisions about how you invest your money. That’s it for today, Thanks for listening!  My name is Ashley Micciche and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

The theme this week on the One Minute Retirement Tip podcast is could you pass this basic financial literacy quiz?  Today’s financial literacy quiz question is: Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, how much would you have? More than $102 Exactly $102 Less than $102 The correct answer is More than $102. If you have $100 earning 2%, it will be worth $102 at the end of the first year. Now you’re earning 2% on $102 after that first year, so after year 2, your $100 original investment will be worth $104.04. And will continue earning the 2% on the higher balance amount each year thereafter.  This question tests your understanding of compound interest. I call this the 8th wonder of the world and understanding compound interest is essential to both understanding the decimating impact of owning debt and the amazing results from having your money work for you as an investor.  It’s also a BIG BIG reason why there’s truth in the phrase the rich get richer and the poor get poorer. If you have $10,000 and it earns 7% a year, I’ll double my money in about 10 years. Not too bad. Now I have $20,000.  But if I have $1,000,000 and I earn the same 7% rate of return per year, I will also double my money in those same 10 years, but I didn’t make $10,000...I made another million.  Compound interest is why debt should be avoided and you should start investing as soon as you can legally go to the bar. Because compound interest works both ways.  That’s it for today, Thanks for listening!  My name is Ashley Micciche and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

I came across an article recently that said “94% of Americans cannot pass a basic financial literacy quiz.” That’s not good, obviously, but I wasn’t surprised either. Most Americans are not taught basic money concepts in school or at home, and often, children grow up learning bad money habits from their parents. Most Americans grow up without a basic knowledge on how interest works for and against you, what a stock is, what a bond is, etc.  So I thought it would be a fun and educational exercise to test your financial literacy on the One Minute Retirement Tip podcast this week.  I found a financial literacy test online from the FINRA Investor Education Foundation. It’s their  National Financial Capability Study, and it has just 5 questions. The question topics range from basic principles on interest, diversification, how debt works, and basic bond concepts.  Each day on the podcast this week, I’ll go through each question and answer on the quiz, and we’ll discuss the results, and why it’s important to know the RIGHT answer to each question. I did take this test myself, and I have to tell you I was pretty nervous...it would be quite embarrassing for your Dear Leader here on the podcast to miss any of these basic financial literacy questions.  But rest assured, I did receive a 100% grade, and I even got the bonus question right...thank goodness.  Just a quick but related side note, when I was researching this topic, I came across another study that looks at financial literacy reality vs. perception. See, many people are overly confident in their financial literacy. They think they know more than they actually do, which can be dangerous since that overconfidence can cause you to not take the time to learn and understand basic money concepts.  Financial literacy overconfidence is particularly a problem among millennials, my generation. One study looking just at college-educated Millennials, found that approximately 70% of them rated themselves as having high financial literacy; in reality, only 34% even had basic financial literacy. Even if you think you can pass this week’s questions with flying colors, I hope you’ll stick around with me this week, where you may even learn something new.  That’s it for today, but before you go, if you want to take the test for yourself, I’ll include the link to the test I’m using in the podcast this week. You can find it in the show notes wherever you listen to podcasts for today’s episode, which is episode 918. Financial literacy quiz link: https://www.usfinancialcapability.org/submit_quiz.php  Thanks for listening!  My name is Ashley Micciche...and this is the One Minute Retirement Tip.  ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

With borrowing cheaper than ever, becoming the Joneses has never been easier. Scott explains why wealth is often an illusion. - How can I make my money work for me as a 20-year-old (Mason) - What are your thoughts on tuition insurance (Selena, Potomac, IL) - How can I get my dad to have a will (Vanessa, Lincoln, NE) - If I don't escrow my property taxes what should I watch out for (Lisa) - No, nothing is plummeting except people's brains. - Where to find deals on government seizures. - From fired to a great business. Why bad things aren't always bad. Mentioned on the show: Money Quiz - https://usatoday.secondstreetapp.com/061919-Financial-Literacy-Quiz/questions/2187899?allow-full-viewport=true Get The Complete Guide To Saving Money FREE printed copy of Scott's new book - How to Save $1,000 This Week: http://bit.ly/2w30ZWs  

Take the Financial Literacy Quiz and test your Financial Comprehension!

Here on Episode 23 our guest is going to take the second round of the Financial Literacy Quiz to see just how literate they really are when it comes to financial terms and concepts. Email us at: feedthepig@gmail.com For More Information check out: www.feedthepig.org www.360financialliteracy.org The Feed the Pig podcast series is one of several free resources available as part of the Feed the Pig national public service campaign. Sponsored by the American Institute of Certified Public Accountants and the Ad Council, the campaign helps 25-34 year olds work toward long-term financial security. For more tools and information, visit: www.FeedthePig.org.

Here on Episode 14 our guest is going to take the Financial Literacy Quiz to see just how literate they really are when it comes to financial terms and concepts. Email us at: feedthepig@gmail.com For More Information check out: www.feedthepig.org www.360financialliteracy.org The Feed the Pig podcast series is one of several free resources available as part of the Feed the Pig national public service campaign. Sponsored by the American Institute of Certified Public Accountants and the Ad Council, the campaign helps 25-34 year olds work toward long-term financial security. For more tools and information, visit: www.FeedthePig.org.