Financial Literacy By: Lillie connelly

This semester in Financial Literacy I learned many new things, but here are only five things that stood out to me most:

How to not get scammed:
Tips on how to not get scammed:
  • Do not buy something from someone when you are not feeling 100% about it.
  • You should also make sure your object that you are buying is actually in the box you are buying.
  • Try to stay away from people who are selling things on the streets and in parking lots.
Pigeon Drop:
  • The type of people that perform this scam:
  • Makes you drop money.
  • Asks you to give the money to the bank.
  • Takes the money out and splits it with two scammers.
  • Check that was given to you was fake.
Shell Game:
  • The type of people that perform this scam:
  • Asks you to play the ball game, they move caps around.
  • Beat you out of your money.
  • Tricks you by moving cards or caps around making you try to guess.
Lucky Day (lotto):
  • Someone who "wins" the lottery and acts like they're illegal immigrants ask others people to cash it for them and will pay them half of the money.
  • The people actually scam them out of their money and don't pay them anything.
Stolen Cars:
  • People steal others cars.
  • They steal the car parts and sell those parts to make money.
  • Then the scammers usually put the cars in rivers, lakes, or any type of water. The police usually find stolen cars in the bottom of those water sources.

You must be careful when trusting people while buying. Be a smart shopper!

Comparison Shopping
  • Comparison shopping: is the practice of comparing the price of products or services from different vendors before buying.
  • When shopping for something in particular, make sure that you compare shop.
  • Compare shopping is comparing two different things that you are wanting to buy and see what is the better quality.
  • Make sure you look up different brands to compare the product to.
  • Compare costs.
Complaint Letter:
Tips before buying:
  1. Read advertisements and reviews on the product.
  2. Do you really need the product, or is it a want?
  3. Think about if you can afford the product and if it worth its cost.
  4. Make sure the business is reliable.
  5. If you're buying with credit cards, be careful of all credit costs.
Comparison tips:
  1. Compare the costs of the product with different brands.
  2. Compare the quality of the product with different brands.
Tips on writing a complaint letter:
  1. Start off by stating your complaint.
  2. Give all of the facts about your product, do not exaggerate.
  3. Do not threat the company, be as nice as you can.
  4. Let the company know what you want: Repair, Replace, or Refund.
Taxes:

Tax: a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Progressive Tax:
  • As you income increases, your tax rate also increases.
  • Our Federal Income Tax is progressive.
Regressive Tax:
  • As your income goes up, the tax has less of an effect on you.
  • This tax hurts the lower class the most.
  • Our Sales Tax is regressive.
Flat Tax:
  • Everyone pays the same tax rate regardless of your income.
  • Our State Tax is Flat- everyone pays 5% of their income.
Excise Tax:
  • Specific tax on items that the government really does not want people to use.
Consumer Credit:
  • Credit: When you buy something and promise to pay for it later.
  • Creditor: Person that gives the loan.
  • Principal: Original amount of money that you borrow.

Types of Credit:

  1. Cash Credit: loan for cash
  2. Sales Credit: loan for stuff to pay for it
  3. Secured Credit: most loans from bank, collateral when you give it up
  4. Unsecured Credit: given based on good credit
  5. Closed-end: one time deal
  6. Open-end: keep using it over & over
  7. Single-payment: one time payment
  8. Installment: over the payment

3 C's of credit:

  • Character: willingness to pay your loan
  • Capacity: ability to be payed: income&dept
  • Capital: stuff you own (that has value)

It is important to pay attention to your credit and the problems/ values it has on people.

THE END

Credits:

Created with images by KOMUnews - "Happy Tax Day, everyone!" • falco - "cheque guarantee card credit card credit cards"

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