Fact vs. Fiction Archive

Fact vs. Fiction Archive:

  • Fiction: Policy loans are an attractive, easy way to access funding.
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  • Fiction: I can throw encrypted data in the trash; hackers won't be able to access it.
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  • Fiction: If your parents want to age in place, their current home is the best option for them.
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  • Fiction: It's a good idea to set aside some of your savings to support an adult child who moves back home.
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  • Fiction: If I'm not happy with the new terms of a credit card, I should close it as soon as possible.
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  • Fiction: Organizing my financial documents isn't worth the time.
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  • Fiction: I can't become an entrepreneur at my age.
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  • Fiction: I should always buy car rental insurance when renting a car.
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  • Fiction: Financial planning is for the wealthy.
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  • Fiction: Getting downsized would mean the end of my financial stability, and there's nothing I can do about it.
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  • Fiction: Any recent college graduate can defer or forebear his or her student loans.
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  • Fiction: It's impractical to have your parents move in with you as they age.
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  • Fiction: If you do not pay the ransomware fee, your files will be destroyed.
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  • Fiction: If you are attending a destination wedding, you should stay in the area for the shortest amount of time possible, to cut down on expenses.
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  • Fiction: If your parents want to age in place, their current home is the best option for them.
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  • Fiction: Most vendors don't charge overtime pay for weddings; they include extra time in their contracts since most brides and grooms like to extend their partying.
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  • Fiction: Your beneficiaries won't have to pay income tax on the death benefits they receive from your life insurance policy.
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  • Fiction: Wills and trusts govern all property that you own.
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  • Fiction: If my children or grandchildren work in a public service job for 10 years, they can have their student loans forgiven.
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  • Fiction: When you empty your computer's recycle bin, the data is gone for good.
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  • Fiction: If you're on the threshold of a tax bracket, you should stay on the higher end and enjoy the higher-income status.
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  • Fiction: If your elderly parents live on their own, you should let them be fully independent and avoid pestering them.
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  • Fiction: If your device is infected with ransomware, you can search online for a free tool to decrypt your files.
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  • Fiction: The money in your flexible spending account carries over every year.
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  • Fiction: If you're the victim of a ransomware attack, you should report it to law enforcement.
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  • Fiction: Spam filters and antivirus scanners effectively combat the threat of phishing e-mails.
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  • Fiction: Estate planning is only for affluent individuals.
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  • Fiction: By letting my adult kids live with me, I'm helping them become financially independent.
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  • Fiction: Tax rates are the same no matter how many days I rent out my vacation home.
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  • Fiction: Off-campus housing is the most budget-friendly option for college students.
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  • Fiction: When evaluating a job offer, salary is what matters most—nothing else really affects whether I come out ahead financially.
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  • Fiction: I only need to review the terms and conditions of my credit cards once—when I open the account.
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  • Fiction: When I donate to my favorite charity, writing a check is the best gifting strategy.
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  • Fiction: Owning a second home is no different than owning one property—the costs are the same.
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  • Fiction: Booking a vacation will derail my budget and savings goals.
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  • Fiction: Giving back always means giving to charity.
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  • Fiction: Investing in a charitable gift annuity offers me a guaranteed return.
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  • Fiction: There's no long-term effect if I use a little bit of my retirement savings to establish an emergency fund.
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  • Fiction: If I inherit a house, the tax implications are the same no matter what I do with it.
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  • Fiction: Taking a loan from my retirement plan is not a big deal—I can always fund my retirement later.
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  • Fiction: When choosing a mortgage, my best option is the one with the lowest rate.
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  • Fiction: A social security number will be canceled and changed once it's reported stolen.
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  • Fiction: The IRS may reach out to you by e-mail to request information.
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  • Fiction: Providing financial support to young adult children now will help them achieve financial independence later.
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  • Fiction: Having a strong password is enough to keep my confidential information safe.
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  • Fiction: If you don't use all the money in your flexible spending account (FSA) by year-end, it will be forfeited.
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  • Fiction: Mortgage prices don't fluctuate much during the week.
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  • Fiction: Waiting to file your taxes won't make you more vulnerable to identity theft.
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  • Fiction: Providing financial support to my adult child is a good idea since there are no taxes on the amount I give.
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  • Fiction: There is no difference between a mortgage lender and a mortgage broker.
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  • Fiction: Inheriting a house is always a financial gain.
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  • Fiction: If you are short on time, there is no use trying to plan a budget-friendly vacation.
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  • Fiction: If my cleaning person gets hurt while in my house, I am not responsible for paying for her injuries.
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  • Fiction: A prepaid tuition plan and a college savings plan are the same thing.
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  • Fiction: Students can get more financial aid by hiring someone to do the research for them.
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  • Fiction: Work-study programs hurt students' academics.
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  • Fiction: The FAFSA form is too confusing to fill out.
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  • Fiction: Most schools are willing to negotiate financial aid awards.
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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.


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