Savings

College students lack basic financial knowledge

We have written about financial knowledge (or shall we say the lack of it) and another data point shows how much it is lacking. Even college students are struggling to get most basic financial questions correct. In fact it is so bad that only about 1% of students answered 6 basic questions correctly per a 2019 study from Education Technology Online Courses and Training (EVERFI) as well as AIG. The questions are below. The results of the survey of 25,000 students was as follows. Over 10% got them all wrong. …

How To Avoid Emotional Spending

Do you make a decent salary but can’t cover your bills, in debt or living paycheck to paycheck? If you frequently find yourself being short on cash– even with a hefty bonus or overtime pay, then, there might be something wrong with your spending habits. The average adult makes 35,00 choices each day, and many of those choices involve personal finance decisions– from getting out of bed, going to work, morning coffee, a trip a grocery store, not exercising, bad food choices- which can increase healthcare spending and so forth. …

Baby bonds – savings accounts for newborns

I think one innovative idea out there is to create “baby bonds” for newborns. I read about this concept in the Sunday Times, and I have always been a huge fan of the general concept of investing money as soon as a kid is born. It can be a great tool to help build wealth and savings for future generations, encourage financial literacy, form a quasi-retirement account, and there are many other advantages to the concept. What is a baby bond, or more importantly what is the concept all about? …