Clare Ansberry
speaker
331 appearances
5 recordings
1 series
first heard Aug 2020
last heard Sep 2024
Clare Ansberry’s voice in public audio — every appearance, attributed to the second.
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Appearances
So those are things that were kind of unexpected.
the biggest lesson is start saving early and start planning early.
And the basic one that goes throughout our lives is, you know, don't live above your means.
You know, your ability to understand what's going on in the markets with investments, real basic things like inflation, pricing, savings.
Well, that's the million dollar question.
But basically, what these two studies are looking at is one of them was looking at what they called financial literacy.
And that's basically, you know, your ability to understand what's going on in the markets with investments, real basic things like inflation, pricing, savings.
They looked at that and the ability to answer a
questions about those areas correctly.
An earlier study looked at when people make the fewest, meaning least costly, financial mistakes.
And they looked at 10 different credit and borrowing areas like home equity lines of credit, mortgage rates, credit card fees, transfers, the age at which they had the fewest financial mistakes.
Well, the peak age for this is 53 and 54.
The theory is that cognitive ability would deteriorate steadily, actually beginning at age 20.
And that decline is offset by what they call experiential capital.
which is the savvy that grows with experience.
And those two lines sort of cross in middle age.
And so the younger ages, the lack of experience offsets the analytical ability, but at older ages, the declining cognitive abilities offset experience.
Also, it's really important to remember that these are averages, right?
53 and 54 is an average age because, you know, I get a lot of response about like, what about Warren Buffett?
Or, you know, my dad is in his 80s and he's making great financial decisions.
Showing 201–220 of 331 · page 11 of 17
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