NGPF Co-Founder Jessica Endlich was recently featured as a guest on NerdWallet TV and answered some True or False questions to help clear up seven common misconceptions around personal finance. We’ve paired each True or False question with NGPF lessons and activities in case you want to use the video to launch a topic or provide review of a concept you already taught. 

Watch the discussion between NerdWallet’s Nikita Turk and NGPF’s Jessica Endlich:

0:32 TRUE or FALSE: You are automatically assigned a credit score on your 18th birthday. 

False: You need credit history to get a score. 

Lesson: Your Credit Score

Activity: RESEARCH: How Can I Improve My Credit Score?

2:46 TRUE or FALSE: Only full-time employees need to file taxes. 

False: Requirements are tied to income. 

Lesson: Teens and Taxes

Activity: PLAY: Should They File a Tax Return

5:18  TRUE or FALSE: Consistently paying only the minimum due on your credit card can negatively impact your credit scores. 

True: Increased credit utilization may lower scores.

Lesson: Credit Scores (this one’s from Financial Algebra – a more math heavy suggestion than up above!)

Activity: INTERACTIVE: FICO Credit Scores

6:54 TRUE or FALSE: If you earn over $150,000 annually, you do not need a monthly budget.

False: Budgets can be helpful across many income levels. 

Lesson: Build Your Budget
Activity: CASE STUDY: How Do I Budget?

7:44 TRUE or FALSE: You can often open a high-yield savings account for no monthly fees.

True: Some institutions don’t charge fees or will waive fees with a minimum balance.

Lesson: Savings Accounts

Activity: COMPARE: Select a Savings Account

8:28 TRUE or FALSE: If you have debt, you should focus on paying it off before building savings.

False: You should do some saving while paying down debt.

Lesson: Debt Management

Activity: PROJECT: Do-It-Yourself Debt Relief

9:57 TRUE or FALSE: You shouldn’t start planning for retirement until after your 40th birthday. 

False: The sooner you start, the better the benefits from compound interest. 

Lesson: The Importance of Investing for Retirement

Activity: COMPARE: Types of Retirement Accounts

Bonus: What is the difference between a debit and credit card? 

During the discussion (9:22), Jessica mentioned that one of the most common questions students ask is the difference between a credit or debit card. Here’s a lesson to help them understand the difference.

About the Authors

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.

Jessica Endlich

When I started working at Next Gen Personal Finance, it's as though my undergraduate degree in finance, followed by ten years as an educator in an NYC public high school, suddenly all made sense.