"there are 2 kinds of people, those who pay compound interest, and those who earn it"
"only about one-third of the population seems to comprehend interest compounding or the workings of credit cards” https://www.nber.org/papers/w14808
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And only like me and four other people understand tax brackets.
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I understand that I actually lost money when I got promoted bc it bumped me up to a higher tax bracket. That's how marginal tax rates work, right?
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Nailed it
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One third? That's almost half!
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But they make sure to teach them algebra, trig and calculus in high school.
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We certainly teach those topics to everyone. But a much smaller number learn the topics.
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I’m just racking up debt in the hopes of hyperinflation.
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I am only half way kidding.
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It only took 12 comments to get to blaming schools. Classic. Truth is, we’ve been teaching these concepts (and applications) for decades. But, in a country that demonizes mathematics *every chance it gets,* this result should be no surprise.
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The inner workings of credit cards are deliberately opaque. Everybody should understand compound interest, though.
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Wouldn’t it be nice if we had a consumer protection bureau to help ppl with this understanding? Elizabeth Warren & Barack Obama thought so too - trump & his corrupt cronies dismantled it. Wonder why? Follow payday and student loan regulation to see who’s profiting.
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Please tell how Trump rolled back any consumer protections...Please Please. Then you can get back to regurgitating headlines you view on your programming box.
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One day...when you read beyond a headline, you might get a clue but....
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I doubt it's even that high.
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They understand it at a conceptual level, if not the underlying mechanics. I.e., if you rack up a bill, and don't pay in full, it grows real fast.
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33% is WAY too high. I don't think 3% of the population understands interest compounding or the workings of credit cards.
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You don’t take 3 percent have learned s concept covered in high school math?
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Learning something to pass a test a week later after intensive review before wiping it from your mind is a lot different from understanding the concept so that you can use it in your real life a decade later.
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