How to raise your financial literacy

How to raise your financial literacy
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    THEO: WELCOME BACK.
    IT'S FINANCIAL LITERACY MONTH, AND IT'S NEVER TOO LATE MOUNTING BILLS AND DEBT MAY SEEM OVERWHELMING BUT YOU'VE GOT JUST START.
    FRED CREUTZER IS JOINING US TO HELP YOU GET STARTED WHERE DO WE GET STARTED?
    >> FINANCIAL LITERACY MONTH.
    WE FIND OUT THAT 94% OF AMERICANS FAIL THE TEST TO -- ASK FOR HELP.
    IF YOU HAVE DIFFICULTIES ASK FOR HELP.
    REACHED OUT.
    THERE ARE PEOPLE OUT THERE TO HELP.
    THEO: KNOW WHAT YOU DON'T KNOW.
    >> THINKING THAT WE DON'T KNOW EVERYTHING CAN CAUSE MORE TROUBLE THAN ASKING FOR HELP.
    THEO: SO YOU HAVE TO DEAL WITH THIS DEBT.
    >> THAT IS THE BIG THING.
    THERE IS A THING CALLED GOOD DEBT AND THERE IS A THING CALLED BAD DEBT.
    YOU ARE GOING TO START WITH CREDIT CARDS.
    COLLEGE DEBT.
    IT IS AN UNFORGIVABLE LOAN.
    IT STAYS WITH YOU FOREVER.
    I HAVE CLIENTS COME INTO THE OFFICE WHO ARE ON BUILDING THEIR ASSETS, BUT THEY WERE NOT GETTING A CREDIT ON THEIR 401(K).
    THEY HAD BIG COLLEGE DEBT FOR THEIR KIDS.
    I SAID LET'S STOP PAYING THE 401(K) AND START FOCUSING ON THE DEBT.
    THEO THE GOOD DEBT.
    MORTGAGES.
    >> YOU GOT TO WRITE IT OFF AT THE END OF THE YEAR.
    THAT IS NOT A BAD DEBT HERE IT YOU CAN CARRY THAT EQUITY OVER.
    THAT IS A GOOD DEBT.
    THEO: YOU ARE SAYING FOLKS SHOULD CALCULATE THE NUMBER.
    >> YOU HAVE TO HAVE A NUMBER OF WHAT IT IS GOING TO BE TO GET TO RETIREMENT.
    WHAT IS THAT NUMBER.
    A LOT OF TIMES PEOPLE SAY TAKE 10 TIMES WHAT YOUR LAST SALARY IS, THAT IS WHAT WE SHOULD HAVE IN INVESTMENT SAVINGS.
    WE STILL KIND OF LOOK AT DEBT, HOW DOES THAT PLAY TOGETHER.
    THEO: CAPITALIZE ON COMPOUND INTEREST.
    >> OH MY GOODNESS.
    IF YOU TAKEN A PERCENT RATE OF RETURN ON 25-YEAR-OLD, THEY HAVE 1.3 MILLION BY THE TIME THEY'RE 65.
    A 35-YEAR-OLD DOES THE SAME MONEY HAS 544,000.
    THAT 10 YEARS, GETTING THAT STEAMROLL GOING DOWN THE MOUNTAIN IS KEY TO START YOUNG.
    THEO: IT IS NEVER TOO LATE TO GET A HOLD OF THE DEBT.
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