Money Matters Chapter 4 Semester Exam ReviewAuthor:
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0. Myth: By co-signing a loan, I am helping out a friend
1. When using credit, one spends this much more
2. The key to building wealth (according to millionaires)
3. Myth: Car payments are a way of life
4. Myth: I%27ll take out a 30 year mortgage %26 pay it like a 15
5. A widely held, but mistaken belief
6. Myth: Home equity loan can be used for Emergency Fund
7. Loan in which the equity in the home is used as collateral
8. A step to getting out of debt.
9. Myth: Payday companies are a service for the poor
10. Use this to help get you out of debt!
11. Type of mortgage that Dave recommends
12. Living in today%27s society without debt requires this
13. Myth: You need a credit card to rent a car or buy stuff online
14. Myth: The lottery will make you rich.
15. Myth: I am helping my friend if I loan them money.
0. Truth: You will end up being responsible for the loan.
1. 400%25 or more annually
3. Truth: A new car loses 70%25 of its value in the first 4 years.
5. Truth: You will be moving when they foreclose on you
6. Truth: Driving a used car is what the typical millionaire does
7. Diner%27s Club
8. Truth: You spend 12-18%25 more when you use credit
9. Debt consolidation
10. Staying debt free
11. Truth: Don%27t go into debt for emergencies.
12. Fixed 15 year
15. The debt snowball