Fact vs. Fiction Archive

Fact vs. Fiction Archive:

  • Fiction: Mortgage prices donít fluctuate much during the week.
    Get the Facts...


  • Fiction: Waiting to file your taxes won't make you more vulnerable to identity theft.
    Get the Facts...


  • Fiction: Providing financial support to my adult child is a good idea since there are no taxes on the amount I give.
    Get the Facts...


  • Fiction: There is no difference between a mortgage lender and a mortgage broker.
    Get the Facts...


  • Fiction: Inheriting a house is always a financial gain.
    Get the Facts...


  • Fiction: If you are short on time, there is no use trying to plan a budget-friendly vacation.
    Get the Facts...


  • Fiction: If my cleaning person gets hurt while in my house, I am not responsible for paying for her injuries.
    Get the Facts...


  • Fiction: A prepaid tuition plan and a college savings plan are the same thing.
    Get the Facts...


  • Fiction: Students can get more financial aid by hiring someone to do the research for them.
    Get the Facts...


  • Fiction: Work-study programs hurt students' academics.
    Get the Facts...


  • Fiction: The FAFSA form is too confusing to fill out.
    Get the Facts...


  • Fiction: Most schools are willing to negotiate financial aid awards.
    Get the Facts...


  • Fiction: Because of the risks of college savings plans, I should use a prepaid tuition plan for my children's college education.
    Get the Facts...


  • Fiction: There's no way a financial windfall could be stressful. After all, it's more money!
    Get the Facts...


  • Fiction: As a new graduate, I don't need to start thinking about retirement.
    Get the Facts...


  • Fiction: "Going green" for banking and bill payment will put me at high risk for identity theft.
    Get the Facts...


  • Fiction: Private colleges are out of reach for my family.
    Get the Facts...


  • Fiction: Financial planning is all about planning for retirement.
    Get the Facts...


  • Fiction: Any recent college graduate can defer or forebear his or her student loans.
    Get the Facts...


  • Fiction: I'm too young for financial planning.
    Get the Facts...


  • Fiction: When students receive financial aid, the entire award package must be accepted.
    Get the Facts...


  • Fiction: Financial advisors only help people with investing.
    Get the Facts...


  • Fiction: Students shouldn't indicate that they are applying for aid on the admission application.
    Get the Facts...


  • Fiction: I can't become an entrepreneur at my age.
    Get the Facts...


  • Fiction: If I receive an inheritance, I can quit my job.
    Get the Facts...


  • Fiction: Organizing my financial documents isn't worth the time.
    Get the Facts...


  • Fiction: Once I hire a financial planner, I donít need to do anything.
    Get the Facts...


  • Fiction: I should always buy car rental insurance when renting a car.
    Get the Facts...


  • Fiction: It's too early to start talking to my parents about their finances.
    Get the Facts...


  • Fiction: Once I hit age 62, I should immediately begin receiving social security benefits.
    Get the Facts...


  • Fiction: My kids are too young to start learning about finances.
    Get the Facts...


  • Fiction: If I'm not happy with the new terms of a credit card, I should close it as soon as possible.
    Get the Facts...


  • Fiction: Once the school year starts, itís too late to apply for financial aid.
    Get the Facts...


  • Fiction: No one would want to steal my child's identity, so I don't have to worry about it.
    Get the Facts...


  • Fiction: The government decides who receives financial aid.
    Get the Facts...


  • Fiction: Getting downsized would mean the end of my financial stability, and there's nothing I can do about it.
    Get the Facts...


  • Fiction: Financial planning is for the wealthy.
    Get the Facts...


  • Fiction: I don't need to budget because it's just not necessary.
    Get the Facts...


  • Fiction: There's no reason for me to get disability insurance.
    Get the Facts...


  • Fiction: College savings prevent students from qualifying for financial aid.
    Get the Facts...


  • Fiction: I have enough insurance, and besides, I wonít need it until Iím older.
    Get the Facts...


  • Fiction: I canít afford professional financial advice.
    Get the Facts...


  • Fiction: It will be simple to pass my business onto my family so they can continue to grow my legacy.
    Get the Facts...


  • Fiction: Financial aid is only for very smart or poor students.
    Get the Facts...


  • Fiction: Once you reach retirement age, youíll be done working for the rest of your life.
    Get the Facts...


  • Fiction: Investing in art is a good way to get rich.
    Get the Facts...


  • Fiction: When you donate money to charity, all of it goes directly to the cause you support.
    Get the Facts...


  • Fiction: Only old people need life insurance.
    Get the Facts...


  • Fiction: A trust automatically avoids probate.
    Get the Facts...


  • Fiction: "Buy and hold" should be the only maxim investors live by.
    Get the Facts...


  • Fiction: I've got plenty of time to save for retirement until later in lifeóit can wait.
    Get the Facts...


  • Fiction: Only people with a lot of money or other assets need financial plans.
    Get the Facts...


  • Fiction: The only way Iíll qualify for Medicaid is if I give away enough of my money.
    Get the Facts...


  • Fiction: A will covers everything.
    Get the Facts...


  • Fiction: I would be better off buying term life insurance (rather than whole life) so that I can invest the difference.
    Get the Facts...


  • Fiction: I can handle my finances on my own.
    Get the Facts...


  • Fiction: We wonít qualify for financial aid because we have money and assets saved for our child's college education.
    Get the Facts...


  • Fiction: I don't need a will if I have little money.
    Get the Facts...


  • Fiction: The only thing my credit score affects is my ability to get more credit.
    Get the Facts...


  • Fiction: Saving for my kids' college tuition should be my top financial priority.
    Get the Facts...


  • Fiction: I'm too young to worry about estate planning.
    Get the Facts...


  • Fiction: Insurance acquired through work will provide me with adequate coverage.
    Get the Facts...


  • Fiction: "Buy low, sell high" is a principle all investors should live by.
    Get the Facts...


  • Fiction: 529 college savings plans force students to attend in-state public schools.
    Get the Facts...


  • Fiction: My estate plan is complete, so I don't need to consider it again.
    Get the Facts...


  • Fiction: Since Iím young, I donít need to worry about what will happen to my business if I die.
    Get the Facts...


  • Fiction: If I need a nursing home or other care as I get older, Medicare will provide enough to cover the costs.
    Get the Facts...


  • Fiction: An alternative investment is another way of saying a "risky investment."
    Get the Facts...


  • Fiction: Investment management/advisory fees are not tax-deductible.
    Get the Facts...


  • Fiction: Skipping a year of IRA or 401(k) contributions won't make that big of a difference as to when I plan on retiring.
    Get the Facts...


  • Fiction: Young people have a long time to go before retirement, so they don't need to worry about taking on risky investments.
    Get the Facts...


These materials have been provided for general informational purposes only and do not constitute either tax or legal advice. For additional information, please consult your tax professional.


© Copyright 2014-2016 Commonwealth Financial Network