April is National Financial Literacy Month.
You don’t know what you don’t know until you get an incorrect answer in a financial literacy quiz. It stings. But there’s no harm in that. We should all learn something new every day, especially when it comes to managing our finances. It helps us to plan for the future, gives us peace of mind and brings more understanding to the complex world of stocks and, hopefully, retirement.You don’t know what you don’t know until you get an incorrect answer in a financial literacy quiz. It stings.
Question 2: If you invested $1,000 with an APY of 0.50% compounding daily, and contributed $100 per month for 10 years, would you end up with approximately $12,500, $13,000 or $13,350? Question 7: It’s safer to buy or sell stocks after hours because there are fewer traders. True or false? Question 10: If you take out a 15-year mortgage in lieu of a 30-year mortgage, you will be required to pay a higher interest rate and higher monthly payments, a lower interest rate and higher monthly payments or a lower interest rate and lower monthly payments.
Answer 4: The IRS treats cryptocurrency as “property” for federal income-tax purposes. In other words, you should recognize and report taxable gain or loss whenever you exchange cryptocurrency for U.S. dollars, Euros, goods or services, real estate, a new car, or even if you switch from Bitcoin BTCUSD to Ethereum ETHE . Just ask MarketWatch’s Tax Guy.
Answer 7: False. The volume of trading is a fraction of what it is during official trading hours, and for that reason stock-price movements can be more volatile and stock prices can be seriously warped. Those big price moves can be an opportunity and they can also come with a big risk for those trading out of hours on apps like Robinhood HOOD . You may also be up against full-time, experienced traders.
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