Quote:
Originally Posted by Slava
That's at least a piece of what I find so ridiculous. 30 minutes with a qualified advisor and they would tell these people that they're making huge mistakes. I realise that the industry hasn't done ourselves any favours, and that's another discussion, but when you see people saying that everyone should invest on their own and make their financial decisions without advice because it's so easy, just remember that the amount of financial literacy in this country (from various surveys and such) runs at something less than 20%. I also think that people would be shocked at the kinds of people who are financially illiterate (for all intents and purposes). There are some high-income earners out there with no idea about these things.
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Totally, I was just having a conversation with a friend who I thought was pretty well off and had a pretty "rich" upbringing. Good job, house, nice car, nice vacations, etc.
They were saying that they're not in debt aside from their mortgage...oh and their 8% line of credit that they rolled the credit cards into.....oh and the car payments.
