"Middle-income Americans tend to wing it when making decisions about
their money, which has led to expensive financial mistakes, according to
a new survey. About 67% of people with household annual income between $30,000 and
$100,000 have made at least one “really bad financial decision,”
according to a study released Tuesday by the Consumer Federation of America and Primerica Inc. Those stumbles cost families an average $23,000.
“They'll spend weeks planning a vacation to Disney World, but when it
comes to their financial future, they procrastinate,” John Addison Jr.,
Primerica's co-chief executive, told reporters at the National Press
Club in Washington on Monday.
“The highest obstacle to financial success is procrastination.”
The sponsors of the study are shocked at the willingness of middle-income investors to go it alone.
“A
strikingly high percentage of respondents in our survey said they
wouldn't consult any information at all in making a decision,” said
Stephen Brobeck, executive director of the Consumer Federation of
America.
He urges more discipline before taking out unaffordable
home mortgages, taking on too much credit card debt or making risky
investments." Read the details By
Mark Schoeff Jr.: http://www.investmentnews.com/article/20120918/FREE/120919929
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