Scary Money Stories

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Help these characters find a way out of their scary money stories by helping them decide what their next action should be.

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1) When I saw my credit score was 600, I SCREAMED! I need it to be at least 740 before I try to get a car loan! What should I do?

Continue to use my credit card at least once a month & make my payments on time
Close my credit card
Pay only the minimum due

Next

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Answer: Continue to use my credit card at least once a month & make my payments on time

Note: Closing a credit card can decrease your score

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2) I lost my debit card while I was have SCARY FUN at a party. I looked at my account today and saw a weird charge. What should I do?

Call the police
Talk to my bank right away
Call VISA to get the charge taken off

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Answer: Talk to my bank right away

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3) I’m worried my student loans are going to be a HUGE SCARY PAIN when I have to start paying them back. What should I do now to reduce my debt?

Borrow money from a bank instead of taking out Federal Stafford student loans
Avoid buying books for my classes
Have a plan for how I will graduate in 4 years so I don’t take unnecessary classes

Next

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Answer: Have a plan for how you will graduate in 4 years so you don’t take unnecessary classes

Note: Bank loans are almost always more expensive than federal loans

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4) I had a KILLER $250 car repair come up and don’t know how I’m going to pay for it. What should I do?

Borrow money from a payday lender
Borrow money from my roommate
Use a low-interest credit card

Next

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Answer: Use a low-interest credit card

Note: Avoid payday lenders - Their interest rates can be 200%+

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5) I’m TRAPPED in Lincoln for fall break. What’s the most budget-friendly thing I can do?

Catch up on Netflix
Host a game night in my dorm room
All of the above

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Answer: All of the above

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6) I went a little CRAZY with my NCard this month and now have a huge bill to pay. What should I do?

Work a couple extra hours at your job
Avoid walking by Runza, the money pit
All of the above

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Answer: All of the above

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7) I have a little money that I want to invest, but I heard the stock market might SUCK ME DRY. What should I do?

Leave it in my savings account
Don’t be afraid of investing - Visit the Student Money Management Center to learn about my investing options
Give it to my mom or dad to invest

Next

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Answer: Don’t be afraid of investing - Visit the Student Money Management Center to learn about my investing options

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8) Taxes & FICA are really SLASHING my paycheck. What should I do?

Double check that I correctly filled out my W-4 form when I started the job
Avoid filing taxes in April
Tell my boss I want to pay less taxes

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Answer: Double check that I correctly filled out my W-4 form when I started the job

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9) I got a SHARP jacket at the mall, but then couldn’t pay my credit card bill in full this month & found out my interest rate is 20%. What should I do?

Use my student loan refund to pay
Call the credit card company and ask for the interest rate to be lowered
Ask my girlfriend for the money

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Answer: Call the credit card company and ask for the interest rate to be lowered

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10) Thinking about money makes me want to HURL. What’s 1 thing I can do to get control of my money?

Put everything on a credit card
Find an app that will help me create a spending plan, like mint.com
Invest in my roommate’s sketchy business

Next

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Answer: Find an app that will help me create a spending plan, like mint.com

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FINAL RESULTS

0-3 Correct

You need to expand your knowledge of financial matters.

FINAL RESULTS

4-7 Correct

You are starting on the path to financial success, but you lack some important financial knowledge.

FINAL RESULTS

8-10 Correct

Congratulations! You are on the path to financial success.