Credit
Getting credit cards is the only way to build credit?
What is no
A debit card is money you are borrowing from the bank?
What is False. Debit is money that you put into the bank that is yours.
Saving means cutting out the fun stuff?
What is False. Saving doesn't mean cutting out the fun stuff. What it means is having more money in your "Budget" to be able to do so in a later time.
I need $1000 to invest my money?
What is False. You can start investing with as little as $1 in many passive index funds and can start buying your own stock portfolio with as little as $1,000.
An amount that you owe
What is a debt?
Paying off your credit card every month helps build your credit score.
What is yes
What is False. Even though debit cards use money that is "yours" you can still be victims of Fraud or scams.
I can't save much, so I shouldn't bother.
What is false. Not being able to save much doesn't mean you shouldn't save. what it means is save what you can at the moment until your able to. putting away $10 today can help you put away $30 next time.
Investing is like gambling?
What is true. Though most investments may seem profitable at times, they do have high risk of having downfalls. Researching companies to buy stock is very helpful in buying stock to invest.
Money received either as compensation, such as a salary, or profit from an investment, such as interest earned on savings, or dividends from owning stock.
What is income
What is on way you can build credit without having credit cards
What is having a job
Debit Cards don't have fees?
What is no. Debit cards do have fee free based options but if you don't have funds and your card is used you are charged overdraft fees. Some charge $35 for overdraft as well as the money that was taken out.
You need a big emergency fund?
What is False. Three months of living expenses – that’s what you’re told you should have in your emergency fund. But is that realistic for everyone? Probably not.
Best to start off small and work your way up. Save small for small repairs such as car repairs, payments, etc.
Follow Your Instincts When Investing?
What is false. In life you tend to follow your instincts but in investments sometimes its impossible to know the outcome of stocks or bonds.
The status of being unable to repay one's debt
What is bankruptcy?
What is False. Credit cards help you with credit limits and cancelling can decrease your credit score.
Debit cards don't have monthly fees?
What is no. Banks have monthly fees for checking accounts that require a minimum amount directly deposited into the account to be free of those services. If no direct deposit is available some banks might offer some other services.
Investing is really complicated?
What is False. Having money in your savings account seems as a sure way to stay stable but investing in companies or investment groups can help build your savings portfolio even higher.
Research different stocks and the price per stock.
If I invest in a big company I can double my money fast.
What is False. Even though investing in big companies such as Apple, Nike or Sony, these companies might have hit the cap stock and would not be able to double.
For example: Apples currently worth $ Trillion and would most likely not double soon.
Spending money on the fun things in life like going out to dinner, getting the latest video game or buying the jeans you want
What is a want?
Having Multiple Credit Cards is bad for your credit?
What is No. Having numerous credit cards can be helpful if you have income to manage the credit cards. This also doesn't mean go out and get numerous cards.
It is against the law to carry a debit card without the EMV Chip Card?
What is False. merchants and the government don't care about the card you use as long as you pay them for their services.
You already keep track of your money, so you don’t need to budget?
What is False. keeping track of your money is great in all but due to this, you manage to start living payday to payday. This will not only not allow you to save but your budget will only be set to that of each paycheck.
I need to be rich in order to buy stock and invest?
What is False. Having a lot of money does not guarantee getting a lot of money but it can also be helpful in investing in the right company.
Spending money on the essentials such as buying school lunch or paying your cell phone bill
What is a need