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Independent Living Final Review

Independent Living Final Review. Consumer Ed is gaining the skills and knowledge to: decide how to spend your money according to your needs and wants determined by your values to maximize your satisfaction in life. Role of Individuals in Society: 1. Consumer 2. Producer

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Independent Living Final Review

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  1. Independent Living Final Review

  2. Consumer Ed is gaining the skills and knowledge to: decide how to spend your money according to your needs and wants determined by your values to maximize your satisfaction in life. Role of Individuals in Society: 1. Consumer 2. Producer 3. Citizen

  3. What are the Characteristics of the Private Enterprise System? • Profit – to make money • Freedom of choice – selection • Supply and demand – always determines price • Competition – many stores, etc.

  4. Consumer Information Sources: • Consumer magazines • Newspapers • Online • Better Business Bureau • Brochures • Labels and Packaging • Professional Associations • People – word of mouth Use your resources: 1. Money 2. Skills 3. Time

  5. The Decision Making Process • Identify the problem/situation • Consider Choices • Choose • Carry out decision – “do it” • Evaluate results _______________ • Types of Decisions: • Personal • Economic • Technical Decisions can be influenced by family, society, the media, self values Habitual decision – made without thought

  6. Values are what is important to you Needs and wants Can be the same Do they determine your “success”? Ethics – moral principles deal with values Is everyone ethical? BHS Pride: Courage Respect Accountability Involvement Self Esteem – how you feel about yourself can be influenced by : family, peers, society, social situations

  7. Banking • Insufficient funds – bounced check – not enough money in your account to cover check – may have to pay a fee • Deposit – money goes in • Withdraw – money comes out • Debit card – works like a check, money comes right out of your checking or savings account • Checking account • Savings account – earns about 1% interest on balance • Statement account – earns interest • CD – Certificate of Deposit • Stocks – ownership in company, risky • IRA – Individual Retirement Account • Bonds – like an IOU, corporate bonds are risky, government bonds are safe • Professional looking shoes (not worn or scuffed) • Hair and nails should appear well-groomed • Watch the “bangles” and jewelry (piercings) • Cover tattoos • Go a bit easy on the make-up/perfume

  8. Saving & Investing CD – Certificate of Deposit: a fixed amount of money held for a fixed amount of time earning a fixed amount of interest penalty for early withdrawal 401-K, 401-B Stocks – ownership in company, risky IRA – Individual Retirement Account add money every year until you retire can have $500,000 by the time you retire Bonds – like an IOU, corporate bonds are risky government bonds are safe, insured by FDIC Mutual Funds – professionally managed investment portfolio made up of stocks, bonds, etc.

  9. Credit APR – Annual Percentage Rate the amount of interest charged on the balance (amount not paid in full) can be 30% or higher Compare different credit cards to get the best APR, bonuses, credit limit, etc. Always pay your balance in full, each month or as much as you can Principle – the original amount you charged or borrowed Cash advance – like charging money Debt – money you owe Assets – what you have that is of value house, car, savings, stocks Loans – don’t co-sign Credit Report – will affect your ability to get loans, etc.

  10. Resumes &Interviewing Resume References Cover letter Follow up letter First impression Follow up phone call Interview Finding jobs

  11. Insurance • High risk = high rates • Medical • Disability • Life • Vehicle 1. Liability – required to drive legally, covers other person &/or vehicle, property 2. Collision – covers your car 3. Comprehensive – covers vandalism, storm damage • Medical – covers persons hurt in your car Rates are affected by: accident claims, moving violations, model and age of car, driver’s gender and age • Agent – sells insurance • Actuary – “numbers” person • Beneficiary – recieves money

  12. Consumer Protection • Steps in resolving a consumer complaint • Reliable sources for consumer information • Attorney General • Mail Order Rule • Truth-In-Lending Act

  13. HousingWhere you live! • Rental agreement/Lease • Mortgage • Security deposit • Fixed expenses • Variable expenses • Approximately 30% of your net income

  14. Eating fulfills physical, emotional and social needs Food labels Generic brands are cheaper than national brands Warning signs that food is not safe to eat? Fresh VS processed foods Serving size Setting the table Etiquette Gratuity (tip) Food!!!

  15. TAXES One thing for sure!! • Taxes are due on April 15th • W-4: employee fill out so employer knows how much tax to withhold • 1099: comes from a bank or financial institution to tell how much interest income was earned • W-2: given to you by your employer by Jan. 31st • Gross – before deductions (taxes are based on gross income) • Net – after deductions • Who are dependents? • anyone for whom you provide more than 50% financial support

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