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according to the wall street journal ______ of americans are living paycheck to paycheck
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when it comes to debt if you tell a lie or spread a _____ long, enough, eventually it becomes accepted as the ____
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chap 4 dave ramsey
| Question | Answer |
|---|---|
| according to the wall street journal ______ of americans are living paycheck to paycheck | 70% |
| when it comes to debt if you tell a lie or spread a _____ long, enough, eventually it becomes accepted as the ____ | myth, truth |
| debt has been ____ to us with such intensity for so long that to imagine living without it requires a complete _____ shift, a completely new way of looking at things | marketed, paradigm |
| 1910: in the sears catalog, credit card was called ____ | folly |
| _____ didnt believe in debt and would not allow credit to be given in his stores. It wasnt until after his death in 1971 that credit was widely accepted in ______ stores | jc penney jc penney |
| _________ hated debt and would not offer credit on cars for___ years after general motors began offering credit | henry ford, 10 years |
| established partenships with several new york city restraunts and his goal was to allow patrons the ability to pay for meals with a single payment card the first credit card | frank mcnamara |
| west coast bank of america issued a little piece of plastic called the _________ to its customers later that year ______ ______ was born | bankamericard; american express |
| in 1976, bankamericard changed its name to _____ | visa |
| 1970: only _____ of american owned credit cards | 15% |
| myth 1 Myth: if i _____ money to a friend or relative, i will be helping them Truth: the relationship will be strained or ______ | loan; destroyed |
| Myth2 Myth; by ______ a loan, i am helping out a friend or relative truth: the bank requires a cosigner becuase the person isnt likely to ____. be ready to pay the loan and have your credit damaged | cosign; repay |
| Myth 3 Myth: ________ _______ rent to own, title pawning , and tote the note lots are needed _______ for lower income people to help them get ahead truth: these are rip offs that arent needed and benefit no one but the ______ of these companies | cash advance; services; owners |
| 80% of millionaires in america are first generation _____. that means they started out with nothing, did smart stuff, and become _____ thats the opposite of what were talking about here | rich; millionaires |
| myth 4 Myth: the _____ and other forms of gambling will make me ___ truth: the lottery is a ___ on the poor and on people who cant do math | lottery; rich; tax |
| texas tech university did a study on the texas lottery and found that people without a high school dimploma spent an average ____ a month playing the lottery.college graduates spen ____ a month on average | 173; 49 |
| Myth 5 Myth: ___ payments are a way of life and youll always have one Truth: staying away from car payments by driving reliable used cars is what the typical _______ does that is how they became millionaires | car; millionaire |
| the average car payment today is____ per month over 64 months | 464 |
| myth 6 myth: _____ you car is what sophisticated financial people do. you should always lease things that go down in value there are tax advantages truth: many reports will tell you that the car ____ is the most ___ way to finance and operate a vehicle | leasing, leasing, expensive |
| myth 7 myth: you can get a good deal on a ____ car truth: a new car loses ___ of its value in the first four years this is the largest purchase most consumers make that goes down in value | new, 70% |
| myth 8 myth: ill take out a 30year mortgage pay ___ truth: life happens and something else will always seem more important. never take out more than a ___ year fixed mortgage | extra, 15 year |
| it is cheaper in the long run to run a ____ _____ ______ | 15 year mortgage |
| Myth 9 myth: its wise to take out an ___ or a ____ mortgage if " i know ill be moving truth: you will be moving when they ___ | ARM or balloon; foreclose |
| The adjustable rate mortgage is here to keep the ___ from losing money it transfers the ____ of higher interest rates to you | bank; risk |
| myth 10 myth: you need a ______ to rent a car or make ____ online or by phone truth: a ___ card does all that | credit card; purchases; debit card |
| myth 11 myth: i pay my ____ off every month with no annual payment or fee. i get brownie points, airm miles and a free hat truth: when you use cash instead of plastic you spend ____ less because spending cash hurts | credit card; 12-18% |
| myth 12 myth: ill make sure my ___ gets a credit card so he or she can learn to be responsible with money truth: teens are a huge _____ of credit card companies today | teenager; target |
| myth 13 myth: the home equity loan is good for _______ and is a substitute for the emergency fund truth: you dont go into ____ for emergencies | consolidation; debt |
| myth 14 myth: debt ____ saves interest and you get a smaller ____ truth: debt consolidaion is a _____ | consolidaton; payments; con |
| you will stick to the same card forever | brand loyalty |
| debt consolidation saves little or no ____ because you will throw you low interest loans into the deal | interest |
| you cannot _____ your way out of debt | borrow |
| _______ payments equal more ___ in debt | smaller; time |
| myth 15 myth: debt is a ____ it should be used to create prosperity truth: the________ is slave to the lender | tool; borrower |
| when surveyed the forbes 400 were asked, what is the most important key to building wealth? ____ replied that becoming and staying ___ free was the nymber one key to wealth | 75%; debt free |
| quit ____ more _____! | borrowing; money |
| you must ____ money | save |
| ______ something | sell |
| part time ___ or ____ (temporarily) | job; overtime |
| use the ______ _________ it is where you list all your debts to pay them off | debt snowball |
| if you own a business you can _____ _____ your paid for car on taxes without paying payments for the privilege | ride off |
| the way to _______ the money lost on things that go down in value is to buy slightly _______ | minimize; used |
| on average a $28,000 car will be worth what in four years? | $8,400 |
| about _____ of college graduates have credit card debt before they get a job | 80% |
Created by:
jackjack109