featured 21384

The Cost of Financial Ignorance: How It Could Wreck Your Finances

[et_pb_section fb_built=”1″][et_pb_row][et_pb_column][et_pb_code disabled_on=”on|off|off” admin_label=”AdSense Top Banner”][/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″][et_pb_row column_structure=”2_3,1_3″][et_pb_column type=”2_3″][et_pb_divider color=”#e5e5e5″ disabled_on=”on|on|off”>[/et_pb_code][et_pb_text]A study by the National Financial Educators Council (NFEC) found that many Americans believe a lack of financial knowledge cost them significant sums over their lifetimes. Across all age groups the average self-reported loss was nearly $10,000, and a sizable share of respondents reported losses of $30,000 or more. Other research, including a Sallie Mae study of college students, shows a gap between perceived and actual financial know-how: most students rate their money skills highly, yet only a minority answer basic financial questions correctly.[/et_pb_code][et_pb_text][h2]Paying Your Student Loans on Time[/h2][/et_pb_text][et_pb_text]Making student loan payments on time protects your credit and helps you qualify for better rates on future loans. If you’re behind, contact your loan servicer to explore repayment plans, deferment, or other options. Addressing problems early prevents default and the long-term consequences that follow.5 Big Financial Tips to Get Ahead and Stay Ahead

  • How to Break Bad Financial Habits
  • 5 Basic Rules of Frugality for the Newly Frugal
  • 5 Simple Habits That Make a Financial Difference

    • [/ul][/et_pb_code][et_pb_text][h4]About the Author

    Constance is an editor at Credit.com. She previously worked as a senior digital producer for CNBC and as a digital producer for NBC Nightly News. Her work has appeared on news sites including MSN, USA Today, The Atlanta Journal-Constitution, MSNBC, Fox Business News and The Huffington Post.

    [/et_pb_text][et_pb_text]Let us help you achieve your financial goals. Subscribe to Financial Independence, our free daily newsletter—subscribers receive helpful guides and practical tips to improve their finances.[/et_pb_text][et_pb_code admin_label=”MyFinance 3X2″]

    [/et_pb_code][et_pb_text]We can help you gain control of your finances and live better…for less.Popular Articles

    • 7 Habits of Highly Frugal People
    • 5 Simple Budget Cuts That Can Save $200 a Month
    • How to Track Down Unclaimed Funds Owed You
    • 32 Ways to Save Money on Your Utility Bills
    • Do You Need Credit Life Insurance When Buying a New Car?
    • How to Maximize Profits When Selling Online
    • Staying Motivated to Continue Digging Yourself Out of Debt

    [/et_pb_text][et_pb_text][h2]On After50Finances.com

    • 9 Things You Need to Do Before You Retire
    • You Didn’t Save Enough for Retirement and You’re 55+
    • When Empty Nesters Reorganize and Declutter Their Home
    • Reinventing Your Career in Your 50s or 60s
    • What Mature Homeowners Should Know about Reverse Mortgages
    • 2 Reasons to Collect Social Security Benefits As Soon As Possible

    [/et_pb_text]