Our education system has failed us. Amortization schedule should be a basic foundation of knowledge as hot coffee in a cup...we shouldn't need a bunch of warning jargon to protect the ignorant.
Took out almost a half a million dollar loan but doesn't know how interest is calculated or paid. This is going to end well.
I learned it in HS but didn't really understand it, but knew enough to figure it out based on that education to figure it out later in life when I needed it. In REALITY, this beloved economy of yalls RELIES on people having a lack of education and doing dumb ****.
I am a SMALL partner in a business and the owner just pulled a half-mil loan without knowing what it costs long-term. And he's honestly done pretty well managing the business since I have been involved. You just go by FEEL. Lulz.
This is a key issue - not understanding debt before agreeing to finance 4+ years of university. I suspect students would have a very different view on how they would utilize this debt.
hard for me to do a CD when my high yield savings account is 4.15%. I'd rather lose the <1% and have the liquid cash so i can move it quickly without penalty if i see a better opportunity.
In most cases, people that put money into CD's aren't worried about "what if X happens in the next week?" CD's are a place to park money without risk for a guaranteed event down the road or money you just won't need. I've got laddered CD's that I buy new CD's into with maturities 1-6 months out as interest rates kept rising. I also have savings accounts and I-bonds. If you live in a state with state income tax, treasuries may make even more sense, too. They each serve their purpose. I have 3 or 4 CDs earning between 4.85% - 5.25% (the 4.85% one was a 4-month CD I bought about 3 months ago), but I also have savings accounts each earning about 4.00% and 4.15%. BTW, right now, you can get 6-month brokered non-callable CD's earning almost 5.4%. I generally dip into my savings if I need to while the CD's continue doing their thing until they mature, then re-invest them at higher rates (well, during this interest rate run-up, anyway).
Jesus... glad, I didn't sell my 10-year old languishing SIRI stock a few months ago like I was about to.
