Test your knowledge of some of the most important news stories involving money. This week, see if you know the name of the financial diet that can help curb your spending habits, which country has the lowest average cost of living, and which natural phenomena shares a name with a popular debt repayment strategy.
Find out in the 7 questions below:
The “___ diet” is a method to stymie overspending, as the act of physically parting with your money can have a large psychological impact.
The “cash diet” involves carrying around and making all, or most of your purchases with cash. By giving yourself a cash allowance every week, you’ll have a better idea of what you’re spending your money on, and be forced to fork over your hard-earned dollars every time you buy something.
In what country is the cost of living typically the least, and therefore, an attractive place to retire for those with little saved?
According to industry data, certain parts of India have the world’s lowest cost of living. In fact, it can be more than 70% cheaper than living in New York City, all things considered. The average American household has only $85,000 saved for retirement, making retirement in cheaper countries an enticing prospect.
Read more: Where Can You Retire On $250K?
All of the following are ways that investments earn you money, EXCEPT:
Inflation isn’t a method for earning or accruing value—in fact, it’s just the opposite. People invest to stay ahead of inflation, as they hope their investments grow at a higher or faster rate than the creeping cost of living. Investments do pay out dividends and interest, however, and an increase in share price also means you’ve earned a return.
Read more: Why Should I Invest?
Amazon invented this flash-sale holiday, which is forcing rival retailers to have clearances of their own, effectively creating a midsummer Black Friday.
Amazon’s Prime Day has become the biggest retail event of the summer in just a few short years. While some have called it a glorified garage sale, Prime Day has spurred billions in sales.
__% of people in relationships keep financial secrets from their partner.
Financial secrets aren’t all that uncommon, even between spouses. According to industry data, financial secrets exist between partners in 13% of relationships, which is likely one reason that more than one-third of couples argue about money on a monthly basis.
What common strategy for getting out of debt shares a name with a destructive natural phenomenon?
The “avalanche” method of debt reduction involves organizing your debts from highest to lowest interest rate and paying off those with the highest interest rates first. The “avalanche” comes in as you gain momentum, and your debts becoming progressively easier to pay off as the interest rates become lower.
Read more: Try These Tips to Get Out of Debt Now
How much debt does the average college grad, entering the workforce today, owe?
The average college grad is buried under $37,172 in student debt, according to industry data. Some students, however, are saddled with much more than that—including some with student loans in the six-figures.
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*The results of this quiz does not imply any level of skill or training on the part of any customer. The content of this quiz is for educational purpose only.