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Dave Ramsey
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