Two Truths, One Lie – Finance Style

Have you ever played the icebreaker game, “Two Truths, One Lie?” 

As far as icebreakers go, this is a good one and eye opening! In fact, there is a current game show with the premise.

This is how it works:

Everyone goes around the room and says three statements. Two are true, and one is false. Today, let’s play with a couple of different hot topics in finance and see if you can spot the lie.

 

Mortgages

  1. If you have no FICO score, you can still get a mortgage
  2. Private Mortgage Insurance (PMI) does not protect me (the buyer)
  3. As a rule of thumb, you should be 80 or older in order to get a reverse mortgage

Credit Cards

  1. Buying with credit makes us feel the same as buying with cash
  2. Credit cards were invented in 1950
  3. Credit cards are considered unsecured debt

Estate Planning

  1. Over 50% of Americans have no estate plan, no will and no medical directives
  2. Dying without a will is known as “an intestinal death”
  3. Not everyone needs to hide their money from the “death tax”

—————————————————————————————————————————

Mortgages

  1. If you have no FICO score, you can still get a mortgage
    True; it is a lot easier with a credit history, but manual underwriting is an option
  2. Private Mortgage Insurance (PMI) does not protect me (the buyer)
    True, PMI protects the lender from you (the buyer) not ponying up
  3. As a rule of thumb, you should be 80 or older in order to get a reverse mortgage
    False, it’s age 62…still old, though.

Credit Cards

  1. Buying with credit makes us feel the same as buying with cash
    False; with credit cards, we focus on benefits and cash makes us focus on cost
  2. Credit cards were invented in 1950
    True; the first credit card (as it is known today) was created in 1950 with the Diner Club card
  3. Credit cards are considered unsecured debt
    True; unsecured debt means that they can’t come get your stuff (unlike a mortgage or car loan, which are secured)

Estate Planning

  1. Over 50% of Americans have no estate plan, no will and no medical directives
    True; what is your estate plan?
  2. Dying without a will is known as “an intestinal death”
    False; an estate would be “intestate” and has nothing to do with death-by-Taco-Bell
  3. Not everyone needs to hide their money from the “death tax”
    True; only estates worth more than $5.25M (for 2013) need to be thinking about estate taxes

Want to learn more fun finance facts? Go to DanHinzCoaching.com, and follow me on Twitter and Facebook.

As a financial coach, I am focused on increasing the financial literacy of Bay County and Florida. If you, or someone you know, would like to get out of debt, avoid bankruptcy, or become more responsible with money, contact me for more information on personal coaching, classes, and seminars.

PCB Strawberry Festival

The Panama City Beach Strawberry Festival, Valentine’s Day Weekend  (Sat & Sun, Feb 12-13) at Aaron Bessant Park Amphitheater.

The Festival will include  Sweet Farm Fresh Strawberries, Great Music, Hay Rides, Free Games for kids, Green Amusement Rides, Tons of vendors, Great Food, Miss Strawberry Pageant, Country Music Singing Contest, Car Show and Much Much More!

Event Schedule

Continue reading “PCB Strawberry Festival”

TDC Meeting, Spring Break, Swordfish & Snowbirds

Jan 11th’s TDC meeting offered an eclectic mix of information.

Starting with the Vice-President of the Canadian Snowbirds, Nancy Hopcraft,  who caught my attention with the mention of the ‘Birds working on a potential “Retiree Visa” allowing those who qualify an opportunity to spend more time in Panama City Beach (or anywhere in the Nation).  It’s a wonderful idea, and one that’s sure to bring about an economic boost but we’re looking at least 2 years, before hearing any final words.

Continue reading “TDC Meeting, Spring Break, Swordfish & Snowbirds”

Area Recreational Fishermen Travel to Washington, DC

Fishermen from around the country are planning to pack the steps in front of the U.S. Capitol this week to demand changes to a federal fisheries law they say is killing jobs and eroding fishing communities. Recreational Fishermen from Panama City, Destin and Mexico Beach will be loading buses Tuesday morning at Captain Anderson’s Marina and begin their journey to our Nation’s Capital. They will spend the night in Richmond and meet protesters from around the Country at the Capital Building for the rally at noon.

Organizers of the “United We Fish” rally expect an estimated 3-5,000 people at the Feb. 24 protest, including a bipartisan roster of congressmen, fishermen and their advocates from up and down the Atlantic and Gulf coasts and a smattering from the West Coast and Alaska.  Continue reading "Area Recreational Fishermen Travel to Washington, DC"

Twitter Weekly Updates for 2009-07-28

Twitter Weekly Updates for 2009-07-21

  • stay tuned for the billfish final results and timelapse video on http://www.pcbdaily.com! #
  • Bay point billfish video in panama city beach http://twitvid.com/E8833 #
  • no weigh-in blue marlin caught, although a couple white marlin video’s were turned in. #
  • bay point billfish panama city beach winners: tuna peter bos 119.5, wahoo grant nicholson 33, dolphin August Redding 32.1 #
  • Just heard someones bringing on 100ls tuna battery is dead. Signing off! #
  • Tounament director Scott Burt just told me that this is only the third time in the history of the event that they’ve closed. #
  • Tons of people at bay point billfish. http://twitpic.com/auhmc panama city beach. #
  • @jerryeyler I’m shooting timelapse. I’ll be up on the front in a min and tweet one. in reply to jerryeyler #
  • They just annouced that they cannot fit any more people in the bay point marina area. #
  • 50+lbs tuna bay point billfish. Panama city beach. #
  • I’m in at the bay point billfish invitational in panama city beach. #
  • Let’s see if my trusty media pass gets me in tonight. #
  • @SamanthaBA #harrypotter couldn’t agree more. Always disappointed with the parts they choose to leave out. in reply to SamanthaBA #
  • Heading up to the bay point billfish tourney in panama city beach. #
  • http://www.pcbdaily.com for Panama City Beach news and information about real estate, growth, and tourism. #
  • @tracej billfish at the bay point marina. Huge party there. in reply to tracej #
  • Boats leaving now at the bay point billfish invitational in panama city beach. #
  • I’m at Hatteras Ln & Marriott Dr, Upper Grand Lagoon, FL , United States – http://bkite.com/09G7Z #
  • Crowds are heavy at the bay point billfish invitational in panama city beach. #
  • Shooting timelapse at the bay point billfish invitational on panama city beach. #
  • Shooting timelapse at the bay point billfish invitational in panama city beach. http://twitpic.com/alda3 #
  • @E_Wall RT @NationalDebt $11,579,428,713,952.53 whoa! thanks obama for your enthusiastic contribution! in reply to E_Wall #

Twitter Weekly Updates for 2009-07-14