Have You Made a Big Money Blunder? You're Not Alone
While the median cost of those mistakes was $5,000, thanks to a few outliers -- 2% of those surveyed lost $200,000 or more -- the average was much higher, at $23,000.
The report also shed light on the investing habits of middle-class Americans, described as those with household incomes between $30,000 and $100,000. If given $1 million to invest for retirement, the survey asked, what would you do? Only 21% of middle-class Americans would invest that money in stocks, bonds, and/or mutual funds, compared with 48% of those earning $100,000 or more. And 19% of middle-class responders said they would "invest" the money in a savings account. Considering that the average money market account pays just 0.49% in interest, there are much better investing options out there.
Given the ubiquity of these financial mistakes and questionable investing habits, this next result comes as a bit of a surprise: A whopping 80% of the survey's respondents rated themselves as "good" or "excellent" at family budgeting and handling credit card debt. Around two-thirds of Americans rated themselves just as highly on retirement saving and managing mortgages as well.
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