Test your knowledge of some of the most important news stories involving money. This week, see if you know where the U.S. economy is adding jobs, which soccer players earn more than LeBron James, and which billionaire recently became richer than Warren Buffett.
Find out in the 7 questions below:
The 2018 World Cup has concluded, and the event overlapped with NBA legend LeBron James’ signing of a huge new contract with the Los Angeles Lakers. That contract still leaves him lagging behind a few World Cup stars for annual pay. Which three soccer stars earn more than James?
James is one of the highest-paid athletes in the world but falls short of Lionel Messi, Cristiano Ronaldo, and Neymar. Boxer Floyd Mayweather, however, outearns them all as the world’s highest-earning athlete, taking in $285 million.
This billionaire just leap-frogged Warren Buffett to become the third-richest person in the world.
Facebook founder and CEO Mark Zuckerberg overtook Buffett, the founder of Berkshire Hathaway, to become the world’s third-richest person. Ahead of Zuckerberg are two other tech billionaires: Microsoft founder Bill Gates, and Amazon founder Jeff Bezos, who’s worth an estimated $150 billion.
The economy is strong, and the unemployment rate is 4%. The majority of new jobs are being created in each of these categories, EXCEPT:
Jobs are being created in droves, but they’re not being created on farms. Data from the Department of Labor shows that education, healthcare, manufacturing, and construction are experiencing the most job growth as of late, keeping the unemployment rate at a near-record low.
Read more: Need a Job? Find Out Where America is Hiring
You can withdraw money from an investment account at any time. Retirement accounts, like IRAs, are different. At what age can you withdraw your money from an IRA without incurring a penalty?
If you take your money out of your IRA before the age 59½, you’ll end up paying taxes and penalties. If you fund your Roth IRA, however, the rules are somewhat different, as your money has already been taxed.
If you’re in your mid-twenties, you should be looking to get your finances in order (assuming you haven’t already). Which of the following accounts would probably be the least beneficial to a young adult?
While all of these would probably be helpful, a 529 (an account used to save for a dependent’s college education), or custodial account, is likely to be the least beneficial—unless, of course, you have children or dependents. If you’re trying to get your financial footing, however, you should first build an emergency fund, start contributing to a 401(k) and start Stashing.
Breaking away from your parents, financially, is a challenge for many, and sometimes, it’s because your parents need help. What percentage of millennials are financially supporting their parents?
Nearly one-fifth, or 19%, of millennials are lending their parents financial support, according to industry data. Further, nearly two-thirds of millennials expect to be called upon by their aging parents for financial help in coming years.
At Stash, we preach the importance of diversifying your portfolio and not trying to beat the market. Historically, what percentage of professional investors have been able to outperform the market?
Only 1% of professional investors or money managers have historically outperformed the market, according to industry research. This means that if you had invested in a broad-based index fund–a fund that tracks the general trends of the markets–you would’ve made more money than if someone had selected individual investments for your portfolio.
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*The results of this quiz do not imply any level of skill or training on the part of any customer. The content of this quiz is for educational purpose only.