Most Americans seem to know more about professional sports than they do about our own personal finance. Money management is a life skill that most Americans are lacking, scoring a C or worst on a recent Walletthub test. In our own back yard, Magnolia and Richmond had the worst credit card debt-to-income ratio in the country. The survey shows our financial literacy is sorely lacking and Assett Manager Spencer McGowan knows who hasn't done their job."The national education system didn't bring people up with an education in personal finance." Knowledge is power, after all. McGowan thinks things are getting better, though. "North Carolina just instituted a mandatory personal finance course for students. So I think that the pendulum is moving back to a more responsible level."
McGowan is hopeful, nonetheless. "The U S has made tremendous strides at savings levels and at debt/service levels being at record lows." He reminds you that learning personal financial skills like keeping a budget and saving a percentage every paycheck are a good start. McGowan also encourages an addition to your 401K investments now that the market has dipped in reaction to the coronavirus scare.