I don’t mean to be rude, but there are some pretty dumb people across this great country we call the United States. And I’m not just talking about book knowledge or even common sense.
In this instance, I’m referring to financial literacy. Given the availability of tools and education about finance, it’s amazing that there are people who still don’t know the basics of personal finance. I get not understanding the subtle mechanics of portfolio construction, but how credit card debt compounds or even how to balance a checkbook? Come on.
That’s truly a sad state of affairs.
And even sadder when you look at WalletHub’s latest ranking of the “Dumbest States for Financial Literacy.” It turns out, a lot of people need a lot of help with regard to their finances.
When it comes to portfolio construction, asset location is a big deal.
No Clue About Finance
It shouldn’t come as a shocker to many people reading this that most American’s are pretty clueless about their finances and their money. We simply don’t get it. Now that home economics classes are a thing of the past, the path to financial literacy is now marked with plenty of deep potholes. Those glaring holes have been highlighted by an annual survey from website WalletHub.