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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Why Middle Age May Be Healthy for Your Wallet
Baseball players are said to peak in their late 20s. Chess players in their mid-30s. Theoretical economists in their mid-40s. But in ordinary life, there's an obvious tension between sheer smarts, often seen in the supple minds of the young -- and experience, which comes only with age. Which one is more valuable in making personal-finance decisions? A quartet of economists think they have found an answer. In looking at which consumers get stuck paying those pesky credit-card fees, the economists noticed a puzzling pattern: Younger and older consumers were more likely than others to get hit with easily avoided fees. So the economists expanded their inquiry to loans and other products, and sifted through records of tens of thousands of consumers. They found that middle-aged adults tend to borrow at lower interest rates and pay fewer fees than younger and older adults. The age at which consumers are least likely to make financial mistakes: a few months past their 53rd birthday, despite all the pressures that accompany middle age. The evidence is circumstantial, but the same pattern is clear -- by varying degrees, to be sure -- in several different financial products. So it's hard to dismiss. And the researchers are no slouches: David Laibson of Harvard (40 years old), Xavier Gabaix of the Massachusetts Institute of Technology and Princeton (35), John C. Driscoll of the Federal Reserve Board (37) and Sumit Agarwal of the Federal Reserve Bank of Chicago (36). With access to records on 75,000 home-equity loans made in 2002 by a large financial institution that they agreed not to identify, the economists compared borrowers who were otherwise similar and found that younger and older borrowers paid interest rates that averaged a full percentage point more than borrowers in their late 40s and early 50s. And it isn't because the loans to young and old are riskier; they aren't. Looking for a home in Gleneagles Country Club? Realtor® Caesar Parisi is ready to help you buy your dream property. click here for article |
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