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Are You Financailly Smarter Than A Millennial

By Steve Stewart

A new study released by FINRA reveals only 18% of millennials are able to correctly answer 4 out of 5 questions about finance.    Links mentioned in the show: FINRA releases results of study: http://www.finra.org/Newsroom/NewsReleases/2014/P456463 Take the quiz yourself by following this link: http://www.usfinancialcapability.org/quiz.php Amortization schedules for 15yr vs 30yr mortgage (1st month interest is the same)   Listen to the podcast for the answers: 1) Suppose you have $100 in a savings account earning 2% interest a year. After 5 years, how much would you have?   More than $102 Exactly $102 Less than $102 Don’t know   2) Imagine the interest rate on your savings account is 1% a year and inflation is 2% a year. After one year would the money in the account buy more than it does today, exactly the same or less than today?   More Same Less Don’t Know   3) If interest rates rise, what will typically happen to bond prices? Rise, fall, stay the same, or is there no relationship?   Rise Fall Stay the Same No Relationship I don’t know   4) True or False: A 15-year mortgage requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.   True False Don’t Know 5) True or False: Buying a single company’s stock usually provides a safer return than a stock mutual fund.   True False Don’t Know   The national average is 2.88 out of 5. How will did you do?    The answers are as follows: 1 - A,  2 - C,  3 - B,  4 - A,  5 - B   For more financial resources, visit http://SteveStewart.me

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