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Finance "Fun" Facts
Retirement
Savings
Credit
Misc
100
If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, this is the maximum amount that you pay under federal law.
What is $50? Under the Fair Credit Billing Act, your liability for unauthorized use of your credit card tops out at $50.
100
The best age to begin saving for retirement
What is as early as possible?
100
The money that you earn on your savings account is called this. (Hint: begins with I)
What is the interest rate?
100
The name of the three credit reporting agencies
What is Experian, Equifax, and Transunion?
100
The type of savings account that you should have for unexpected life events and emergencies.
What is a rainy day account (or emergency fund or "real world" savings account. It's all the same thing)?
200
The number of years a credit reporting company may report bankruptcy information.
What is 10 years? A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years.
200
It is the earliest age you can receive Social Security for retirement (at a reduced benefit).
What is age 62?
200
The number of years it will take for an account earning 10 percent annually to double.
What is 7 years?
200
The number of free credit reports you can obtain each year, assuming no adverse events have happened to you.
What is three? You can obtain one free credit report from each of the credit reporting agencies.
200
If you have taken a three-year car loan, this is the minimum number of years you should plan to own that car.
What is 3 years? (Never finance anything for longer than its useful life.)
300
The fraction of Americans who will retire with less than $25,000.
What is 2/3?
300
A type of pension plan in which an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.
What is a defined benefit plan?
300
The amount of money I would have at retirement if I saved $2000 per year between ages 15 and 22 and never saved another penny?
What is a million dollars?
300
This is an example of an excellent credit score.
What is any number between 700 and 850?
300
This is at least one example of "good debts" that can help increase your net worth over time.
What are: 1. mortgage 2. education loan 3. car loan
400
On average this is over $8000 up over 173% over the last decade.
What is real credit card balances?
400
A type of retirement plan in which the employer, employee or both make contributions on a regular basis.
What is a defined contribution plan?
400
Over a 40 year period, it is the approximate amount of money you will have if you save $4 a day at 7 percent interest instead of spending that money on a package of cigarettes.
What is over $300,000?
400
These are two examples of factors that influence my credit score.
What is 1. Paying Bills on Time; 2. The amount of debt that I have relative to my credit limit; 3. How long I have had credit.; 4. Whether I have applied for credit lately. or 5. How many credit accounts I have and what type of accounts are they.
400
We should invest in stocks for long-run objectives, but as we get closer to retirement or the need for money approaches, we should increase the proportion of our savings in this type of asset.
What is bonds?
500
If you pay the minimum payment on an $8000 credit card bill (and assuming you don't charge anymore on the card), this is the number of years it will take you pay the credit card off.
What is 28 years?
500
The percentage of baby boomers who have not saved enough for retirement.
What is 95%
500
The percentage of Americans living pay check to pay check with no household budget.
What is 65%? (20% of them make over $100,000 annually)
500
This is why having a good credit score is important.
What is: It can affect your interest rate if you finance a car or home or It can have an impact on whether you can finance major purchases or It can determine whether you can get credit cards?
500
In finance, this means reducing non-systematic risk by investing in a variety of assets.
What is diversification?