Consumer Education

EverFi Module

Handling Money

Money is involved in every American's life. As Americans we need to know how to handle our money. We can keep our money in banks, but we have to generally know how banks work. Also, we have to know what to invest in. This can save us money in the long run. Having money and bank accounts attract people to try to steal a person's money and their identity, so we also need to know how to keep ourselves safe from identity thieves.

Banking

  • Retail Banks and Credit Unions are the most common types of depository institutions
  • Balancing accounts is IMPORTANT
  • Review fee schedule before opening a bank account
  • Routing and Account are two numbers at the bottom of a check
  • Credit Unions are run by members and offer low credit

Renting vs. Owning

  • Depreciating Assets are objects that lose value over time
  • Appreciating Assets gain value over time
  • Cars depreciate in value
  • Houses appreciate in value
  • Mortage is a type of loan used to buy property
  • Down payment is a large sum of money you pay towards something
  • Renting and buying are two different things
  • Renting is where you pay for the right to use the property but it is not yours
  • Buying is where the property is yours

Consumer Fraud

  • Social Security Numbers identify United States citizens
  • NEVER carry your Social Security card with you
  • Federal Trade Commission regulates consumers against false advertising and unfair busines practices
  • Shred all important documents that have personal information on them
  • NEVER give out your credit card number
  • ALWAYS check credit card statements for unsual billings
  • Check your free credit report once a year from one of the three credit agencies