- Budget Challenge
- EverFi
Intro to Debt:
- Watch Video 2.1 "Dubunking the Credit Myths"
- take notes as you watch (pretend you're the teacher)
- Myth #1: loaning money helps out family and friends
- Do not lend money to family or friends
- it ruins/changes the relationship
- creates a master / servant relationship
- Myth #2: cosigning loan helps out family and friends
- Do not cosign loans
- you become responsible for the debt
- if friend was worthy of credit, they wouldn't need a cosigner
- you can give them money, but don't expect it back
- it's a gift
- Myth #3: Cash advance, title loans, payday loans, rent to own, title pawning are services to help poor people get ahead
- Do not use these "services"
- they charge outrageous interest rates to desperate people
- hard to pay back on time, in full
- Do what rich people do if you want to be rich
- they don't use these services
- Behave like rich people
- Broke is a temporary financial position
- you might make some mistakes, but they can be fixed
- try to minimize the damage caused by your mistakes
- Poor is a state of mind that keeps you poor
- Myth #4: Lottery will make me rich
- Do not play the lottery
- its a tax on the poor and the financially illiterate
- the odds are not in your favor
- big lottery winners end up broke anyway
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