The Top Ten Money Myths: How Many Have You Fallen For?

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As part of my job, I've spent the last four years talking to young people about money. I keep hearing these 10 money myths. How many have you fallen for?

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The Scoop on Credit Cards

13You've got big plans for the future: move away from home, buy a car, and be more independent. But have you thought about how you are going to pay for this? Do you have some money saved? Or are you planning on using credit cards to achieve your dreams? If you're thinking the credit card way, think twice. For most young people, credit cards can lead down a dangerous path, if used the wrong way.

Did you know this?

The average college senior has about 4 credit cards, but only 50% of those students have a job. So, how do these students pay their credit card bills? Many don't. At first, they may use one credit card to pay the other credit card bill. Then they just start "defaulting" on their bills. From that point on they go down a dangerous path that could eventually lead to bankruptcy.

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Cell Phone Scams!

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We’re cruising along in the car listening to music. My buddy gets a phone call:

Last warning: your car insurance warranty is about to expire! Press ‘1’ to talk to a representative,” the voice says. Without thinking, my buddy presses “1” and looks lost while listening to what the person on the phone has got to say.

Wait a minute; he suddenly remembers he doesn’t even have a car!

 

 

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Job Scams!

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So the economy is bad. People are losing jobs and are out of money… Sounds familiar?

So, let’s say you’re looking for a job. Here’s something you have to think about: being scammed in the job hunt....

Job scams are happening to young people around the country more and more, whether they’re moving out, or moving back in with their parents.

 

 

 

 

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