Most Americans would fail this personal finance quiz

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway dives into the lack of financial literacy education in the U.S. and its consequences. He reflects on how credit cards are introduced to students before they learn the basics of budgeting, saving, or understanding interest. A.B. explores practical steps to reverse this trend and empower listeners to become more financially literate through informed choices and better saving habits.

3 Key Takeaways

1. Lack of Early Financial Education is Costly
   • Most people enter adulthood without essential financial skills. This contributes to debt accumulation, with Americans now holding over $1 trillion in credit card debt.
2. Inflation Erodes Purchasing Power
   • Savings accounts with low interest rates lose value over time when inflation rises faster. You must invest or seek better returns to avoid losing purchasing power.
3. Financial Literacy Requires Continuous Learning
   • Financial knowledge isn't static. The ability to learn, unlearn, and relearn is essential for adapting to changing economic conditions and avoiding costly mistakes.

3 Memorable Quotes

1. “We were introduced to credit cards before we were introduced to savings accounts. And that is a scary thing.” – A.B. Ridgeway on the dangers of early exposure to debt without financial education.
2. “Illiteracy is no longer the inability to read and write, but the inability to learn, unlearn, and relearn.” – A.B. Ridgeway on the importance of continuous education in personal finance.
3. “You cannot save yourself from inflation.” – A reminder that saving alone won't protect against the loss of purchasing power due to inflation.

Tune in to this episode to gain a deeper understanding of how financial literacy can empower you and future generations to make smarter financial decisions.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: VOX