January 28, 2016

Test your financial common sense

Why the poor do better on these simple tests of financial common sense...
And implications for the non-poor...
"If you spend all your time thinking about money, chances are, you're going to get pretty good at thinking about money. Indeed, new research suggests that the poor -- for whom concerns about cash are inescapable -- are not as prone to certain financial mistakes often made by the affluent."
Research shows that conventional wisdom about poverty is... wrong.
Try a few of these tests for yourself.
Here's the first question.
You're shopping for an iPad. Just when you think you've picked one out, the clerk lets slip that the same model is $50 cheaper at another big-box retailer. That other store is half an hour's drive away. If the iPad costs $1,000, is it worth going to save $50? What if the device costs $500? $300?
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