What are some financial literacy things an "adult" should know? What rates, costs, prices, etc is a minimum level?

[DrPepper12]

Inflation

Loan rates

Hourly wages

Housing

Cars

Electronics

Food

Energy

Credit cards

Insurances of various kinds

Savings

Bonds

401K

?

[msc545]

Adults should definitely know the telephone numbers and email addresses for their:Accountant
Tax attorney
Criminal defense attorney

[exitseven]

hahahahah

[DrPepper12]

DAAAAAAMMMMMMNNNNNNN

[RedInnocent69]

The magic of compounding interest

[DrPepper12]

It really is a miracle in stone cold logic & planning.

[AI Opinion]

Understanding financial literacy is crucial for navigating adulthood. Grasp the fundamentals of inflation, as it affects purchasing power. Be aware of loan rates, such as mortgages and personal loans, to manage debts wisely. Know average hourly wages and housing costs, which influence budgeting. Understand car prices and depreciation.

Recognizing price trends in electronics, food, and energy will aid in expenditure planning. Comprehend credit card terms to avoid high-interest debt. Insurances protect assets, hence grasp their costs and coverage. Understanding savings and investment options like bonds and 401K helps secure financial future. Prioritize continuous learning to adapt to financial changes.

[DryGermanGuy]

I have seen a number of financially illiterate Americans getting screwed over with car loans and consumer credits. What are the protection agencies doing? 🤔

[exitseven]

My ex boss put me in charge of the three company cars we owned. I found out that when he would buy a car he would just finance it through the GM financial company and pay a ridiculous amount of interest. I saved the company a bundle by finding a local bank that was happy to give us a car loan for about half the interest.
You really can save money if you shop around but to do thi you need to understand how loans works.
Kids today do not use cash. They swipe for every purchase and I am sure that many do not keep track of their purchases. Many banks carry overdraft protection and I imagine they charge a ridiculous amount of money to use it.

[DrPepper12]

DOGE killed the CFPB. Only states left now

[OneViewpoint]

• The Time Value Of Money - Compound interest in savings and in borrowing.
• Budgeting
• Earned vs Unearned Income
• Deferred Taxes
• Risk Management Products / Insurance - Health, Home, Auto, Life
• Risk Management Products / Financial - Hedges (energy, currencies), Shorting (equities)
• Risk / Diversification - Investment Vehicles

[exitseven]

You need a basic understanding of how financial institutions work. What services they provide, interest rates, and loans. You should be able to balance a checkbook and understand how credit cards work. You need some basic knowledge about taxes and how to avoid them. Also how to save for the future.

[Anonymous]

Spending. Advertising.

Have you noticed that most advertising for credit cards, loans and virtually any product is now aimed at black women?

You might argue its equality or black spending power but in reality its because black women have the most debt out of any group and least savings and are more frivolous with their money.

[Xawyx-2]

At least 3-4 of those. I know almost all of them in many details, but economics is kind of my profession.

[LiamJHayden]

Bare minimum: budgeting and credit. Then add in all the others, and if the opportunity arises, investing.

[AngryCarl2]

If they wanted you to be financially literate they'd teach you that stuff in school.

[DrPepper12]

They do (now)

[AngryCarl2]

Well then good! Do they teach you banking is a scam?

[DrPepper12]

My kids LOVED that lesson. They were truly shocked that it's all a mirage based on trust & fictitious authority.