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Apache is functioning normally

June 27, 2023 by Brett Tams
Apache is functioning normally

There’s a better chance you’ll experience foreclosure if your math isn’t up to snuff, according to a new research paper from the Atlanta Fed.

Three researchers studied the effect of borrower’s financial literacy and cognitive ability to see what type of role, if any, they played in the mortgage crisis.

They surveyed subprime borrowers who took out mortgages between 2006 and 2007, and found foreclosure starts were approximately two-thirds lower in the group with the highest measured level of numerical ability compared with the group with the lowest measured ability.

Additionally, borrowers in the lowest numerical ability group spent, on average, about 25 percent of the time in delinquency, while borrowers in the highest group were only late on average 12 percent of the time.

The lowest group also missed nearly 15 percent of mortgage payments on average, while the highest group only missed six percent of payments.

Here’s a sample of some of the questions asked:

1. In a sale, a shop is selling all items at half price. Before the sale, a sofa costs $300. How much will it cost in the sale?

2. If the chance of getting a disease is 10 per cent, how many people out of 1,000 would be expected to get the disease?

3. A second hand car dealer is selling a car for $6,000. This is two-thirds of what it cost new. How much did the car cost new?

The researchers said a borrower’s inability to perform simple mathematical calculations likely impacts their ability to manage a budget and may lead to the selection of an unsuitable loan type.

Of course, socioeconomic issues could also be at play; for example, a borrower with poor numerical ability may experience less success in the labor market, and subsequently make less money and be more susceptible to default.

There’s also the thought that borrowers with poor numerical ability may be burdened with debt before even applying for a mortgage.

(photo: lrargerich)

Source: thetruthaboutmortgage.com

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Yes, Personal Finance Should Be Taught In School

February 22, 2023 by Brett Tams

While I can’t guarantee that I would have paid super close attention to a personal finance education class if I had taken it, I’m sure it would have been a better use of my time than some of the other classes that were required when I was in school. Note: Yes, I use the Pythagorean […]

The post Yes, Personal Finance Should Be Taught In School appeared first on Making Sense Of Cents.

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Chapter 03: Managing Living Expenses with a Budget

June 28, 2022 by Brett Tams

In our budgeting series we’re covering all the basics, including how to create a budget, how to manage a budget, and how to account for living expenses. Living expenses are an inevitable part of adulthood, but knowing how much basic expenses cost will ensure you’re prepared to tackle them. You’ll also want to prepare for

The post Chapter 03: Managing Living Expenses with a Budget appeared first on MintLife Blog.

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Chapter 10: Set Up Your Mint Goals

April 16, 2022 by Brett Tams

This is the last chapter in our budgeting series, and we’ll be talking about how to set goals in Mint. Once you’ve created your budget and have learned how to successfully manage it, you should then set goals for yourself….

Full Story

The post Chapter 10: Set Up Your Mint Goals appeared first on MintLife Blog.

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Chapter 3: Managing Living Expenses with a Budget

April 16, 2022 by Brett Tams

In our budgeting series we’re covering all the basics, including how to create a budget, how to manage a budget, and how to account for living expenses. Living expenses are an inevitable part of adulthood, but knowing how much basic…

Full Story

The post Chapter 3: Managing Living Expenses with a Budget appeared first on MintLife Blog.

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How to Manage a Budget When Your Spouse is a Spender

March 1, 2021 by Brett Tams

Oh dear, the overspending spouse. Few couples consistently avoid money problems, but yours might not be as overwhelming as you think. Even if they are, there’s only one way to get on a solid financial path, and that’s by taking…

Full Story

The post How to Manage a Budget When Your Spouse is a Spender appeared first on MintLife Blog.

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