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Chapter 4

Question	Answer
___% 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
in 1919- in the sears catalog, credit was called ___	folley
___ didn't believe in debt and wouldnt allow it given in his stores. it wasn't until after his death in ____ that it was then accepted	J.C. Penney; 1971
_____ hated debt and would not offer it on cars for __ years after General Motors began offering credit	Henry Ford of Ford Motor Company; 10
birth of the credit card in ___ by ____	1950; Frank McNamara
McNamara's company ___ is still in business	Diners Club
in 1958 a west coast bank ___ issues a pice of plastic called ____	Bank of America; BankAmericard
___ was born in 1958	American Express
in 1970 only __% of americans owned credit cards	15
in 1976 BankAmericard changed it's name to	VISA
in 1986 Sears got in a dispute with Visa and so they created the ____	Discover Card
our ____ thought debt was a sin	great grandparents
our ____ thought it was stupid	grandparents
our ___ borrowed on a few things	parents
___ borrow on everything	we
MYTH: If i ____ money to a friend or relative, I will be helping them	loan
TRUTH: the relationship will be strained or _____	destroyed
MYTH: by ____ a loan, I am helping our a friend or relative	cosigning
TRUTH: the bank requires a cosigner because the person isn't likely to ____	repay
MYTH: ____, rent-to-own, title pawning, and tote-the-note lots are needed ____ for lower income people to help them get ahead	cash advance; services
TRUTH; these are horrible, greedy ___ that aren't needed and don't benefit anyone but the owners of these companies	rip-offs
80% of ____ in America are first-generation rich	millionaires
___ for the cash sale of a new car	82
____ for financing a new car	$755
__ for leasing a new car	1,300
MYTH: the ___ and other forms of gambling will make me __	lottery, rich
TRUTH: the lottery is a ____ and on people who can't do math	tax on the poor
people w/o High school diploma spent an average of ____ college graduates spend an average of __ a month on the lottery	173, 49
in lottery's it is always the lower-income ___ that generate the highest sales	ZIP codes
MYTH: ___ payments are a way of life and you'll always have one	car
TRUTH: staying away from car payment by driving reliable used cars is what the typical ___ does	millionaire
average car payment today	$464 per month over 64 months
MYTH: __ your car is what sophistaced financial peopel do	leasing
TRUTH: leasing your car is the most ___ way to finance and operate a vehicle	expensive
if you own a business you can ___ your paid-for car on taxes without paying payments for the privelege	write-off
the way to ___ the money lost on things that go down in value is to buy slightly ___	minimize; used
MYTH: you can get a good deal on a ____	new car
TRUTH: a new car loses __% of it's value in the first 4 years	70
MYTH: I'll take out a 30-year mortgage and pay __	extra
TRUTH: never take out more than a __ year fixed-rate mortgage	15
MYTH: It's wise to take out an ___ or ___ mortgage if you know you will move	ARM, balloon
TRUTH: you will be moving when they ___	foreclose
The adjustable rate mortgage is here to keep the ____ from losing money. It transfers the -_ of higher-interest rates to you	bank, risk
spending cash registers as	pain
MYTH: you need a ___ to rent a car or make ___ online or by phone	credit card, purchases
TRUTH: a __ card does all of that	debit
MYTH: i pay my ___ off every money with no annual payment or fee	credit card
TRUTH: when you use cash instead of plastic, you spend ___ less because spending cash hurts	12-18%
___ are a huge target of credit card companies today	teens
you don't go into ___ for emergencies	debt
debt consolidation is a	con
debt consolidation saves little or no __ becasue you will throw your low interest loans into the deal	interest
you cannot ___ your way our of debt	borrow
___ payments equal more ___ in debt	smaller, time
the ___ is slave to the lender	borrower
75% of the Forbes 400 say that becoming and staying __ free was #1 key to wealth building	debt
quit ___ more ___	borrowing, money
you must __ money	save
___ something	sell
part-time __ or ___	job, overtime
use the ___	debt snowball

Created by: laurenpole1

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