1. Rights of Consumers A basic set of protections, agreed upon by society and written into law, apply to purchases of merchandise and services in the United States. These rights of consumers include: -Right to be safe -Right to be informed -Right to choose products and services -Right to be heard -Right to redress -Right to consumer education -Right to service -Right to a healthy environment

2. Responsibilities of Consumers Types of activities a consumer is expected to perform as part of a purchase decision. Each consumer responsibility parallels a consumer right. -To use products safely -To find and use information -To choose purchases carefully -To seek redress -To learn -To reward good service -To speak up

4. Asset: A valuable item that is owned Wealth: What you own minus what you owe Gross Income: Amount of money received for doing work Net Income: What you have to spend after deductions Understand Financial Terms

5. Establish Financial Goals Short Term Buy a car Go to college Be debt free Vacations Long Term Buy a home Start a business College tuition for children Pay off student loans Retirement

6. Needs vs. Wants ItemNeedWant FoodGroceriesEating Out ShelterDorm/RoommateApartment or House TransportationPublic TransportationGas, Car Insurance, etc. ClothesThe BasicsTrendy Styles & Brands TelephoneRegular Phone ServiceCell Phone

7. Factors that can influence a financial decision A. Values: What is important to your family, others in your culture? B. Peers: People you know  Pressure for positive or negative behaviors C. Habits: You are accustomed to doing it this way D. Feelings: love, anger, frustration, ambivalence, rejection

8. Your credit rating Your credit rating or credit score is a measure of your ability to pay back lenders. Often quantified in terms of a “FICO score” (so named because it was developed by Fair Isaac Corporation)

9. Protect Your Credit Reduce access to your personal data Always take credit card receipts with you Never permit your credit card number to be written onto your checks Never allow anyone to use your credit card Order your free credit report once a year

10. The three national credit bureaus are: Equifax www.equifax.com (800) 997-2493 www.equifax.com Trans Union www.transunion.com (800) 888-4213 www.transunion.com Experian www.experian.com (888) 397-3742 www.experian.com