new survey shows many Americans just don't know much about managing their money.
More than 60% couldn't correctly
answer three out of five basic money questions.
isn't about a quiz, of course. This is about people not understanding how
mortgages work, or how to figure out what they're paying in interest on credit
The sad truth is, most schools don't teach this stuff. The
responsibility falls to parents to make sure children learn it.
So, start early. Give your kids an allowance, and teach them how to manage it.
When they're old
enough, make sure they find part-time jobs, and help them open accounts at a
bank or credit union.
High school students can
open individual retirement accounts to get used to investing.
In addition, if you don't understand money, it's never too late to learn.
library for basic investing books and magazines. The Internet is also a great
You can start with the SEC beginners' guide to investing at www.sec.gov, or take this financial literacy quiz to see how much you know: http://www.usfinancialcapability.org/quiz.php
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