Fact vs. Fiction Archive

Fact vs. Fiction Archive:

  • 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 donít 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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  • Fiction: Because of the risks of college savings plans, I should use a prepaid tuition plan for my children's college education.
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  • Fiction: There's no way a financial windfall could be stressful. After all, it's more money!
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  • Fiction: As a new graduate, I don't need to start thinking about retirement.
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  • Fiction: "Going green" for banking and bill payment will put me at high risk for identity theft.
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  • Fiction: Private colleges are out of reach for my family.
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  • Fiction: Financial planning is all about planning for retirement.
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  • Fiction: Any recent college graduate can defer or forebear his or her student loans.
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  • Fiction: I'm too young for financial planning.
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  • Fiction: When students receive financial aid, the entire award package must be accepted.
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  • Fiction: Financial advisors only help people with investing.
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  • Fiction: Students shouldn't indicate that they are applying for aid on the admission application.
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  • Fiction: I can't become an entrepreneur at my age.
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  • Fiction: If I receive an inheritance, I can quit my job.
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  • Fiction: Organizing my financial documents isn't worth the time.
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  • Fiction: Once I hire a financial planner, I donít need to do anything.
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  • Fiction: I should always buy car rental insurance when renting a car.
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  • Fiction: It's too early to start talking to my parents about their finances.
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  • Fiction: Once I hit age 62, I should immediately begin receiving social security benefits.
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  • Fiction: My kids are too young to start learning about finances.
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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: Once the school year starts, itís too late to apply for financial aid.
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  • Fiction: No one would want to steal my child's identity, so I don't have to worry about it.
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  • Fiction: The government decides who receives financial aid.
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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: Financial planning is for the wealthy.
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  • Fiction: I don't need to budget because it's just not necessary.
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  • Fiction: There's no reason for me to get disability insurance.
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  • Fiction: College savings prevent students from qualifying for financial aid.
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  • Fiction: I have enough insurance, and besides, I wonít need it until Iím older.
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  • Fiction: I canít afford professional financial advice.
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  • Fiction: It will be simple to pass my business onto my family so they can continue to grow my legacy.
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  • Fiction: Financial aid is only for very smart or poor students.
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  • Fiction: Once you reach retirement age, youíll be done working for the rest of your life.
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  • Fiction: Investing in art is a good way to get rich.
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  • Fiction: When you donate money to charity, all of it goes directly to the cause you support.
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  • Fiction: Only old people need life insurance.
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  • Fiction: A trust automatically avoids probate.
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  • Fiction: "Buy and hold" should be the only maxim investors live by.
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  • Fiction: I've got plenty of time to save for retirement until later in lifeóit can wait.
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  • Fiction: Only people with a lot of money or other assets need financial plans.
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  • Fiction: The only way Iíll qualify for Medicaid is if I give away enough of my money.
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  • Fiction: A will covers everything.
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  • Fiction: I would be better off buying term life insurance (rather than whole life) so that I can invest the difference.
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  • Fiction: I can handle my finances on my own.
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  • Fiction: We wonít qualify for financial aid because we have money and assets saved for our child's college education.
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  • Fiction: I don't need a will if I have little money.
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  • Fiction: The only thing my credit score affects is my ability to get more credit.
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  • Fiction: Saving for my kids' college tuition should be my top financial priority.
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  • Fiction: I'm too young to worry about estate planning.
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  • Fiction: Insurance acquired through work will provide me with adequate coverage.
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  • Fiction: "Buy low, sell high" is a principle all investors should live by.
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  • Fiction: 529 college savings plans force students to attend in-state public schools.
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  • Fiction: My estate plan is complete, so I don't need to consider it again.
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  • Fiction: Since Iím young, I donít need to worry about what will happen to my business if I die.
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  • Fiction: If I need a nursing home or other care as I get older, Medicare will provide enough to cover the costs.
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  • Fiction: An alternative investment is another way of saying a "risky investment."
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  • Fiction: Investment management/advisory fees are not tax-deductible.
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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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