Personal Finance Chapter 5

1 return to place of purchase

-Take sales receipts and other important information with you -Most businesses will try to work out the problems so they can keep you as a customer

2 contact company headquarters

-can send a complaint letter -call customer service department

Intercepting mail

Thieves dig through your mailbox in hopes of finding a bank statement containing your personal account numbers. If your mail had been tampered with contact your bank and the sender and freeze your accounts.

13

Total consumer spending is more than $___ trillion, making up about 70% of the U.S. gross domestic product

Influencer marketing

Typically found on social media, people with a large online audience to whom they market to

Lemon Law

Under South Dakota law, a "lemon" vehicle is one that has a single problem (or a series of problems) that "significantly impairs the use, value, or safety of the vehicle". The problems must arise from routine use, not through acts of abuse or neglect. Also, the problems cannot be the result of an accident, or an alteration of the vehicle that is not authorized by the manufacturer. The first reported issue must be within the first 12 months and 12,000 miles after the purchase of the vehicle.

Restaurants and stores

Your server can swipe you card to pay for the meal and swipe your card number. Check you bank account often

72

___% of Gen Zs (1997-2012) say they purchased a product online in the last 30 days using a mobile device

85

___% of U.S. teens own a smartphone, which could mean they're doing most of their shopping from a mobile device

92

___% of marketers say video is an important part of their strategy that's why you see so many ads on social media

77

___% of millenials redeem rewards at least once every four months-Gen Z redeems the least.

79

___% of people say user-generated content highly impacts their buying decisions

50

___% of retailers spend at least half of their annual marketing budget on social media advertising.

Finland

________ ranks as the #1 country in the world for happiness and contentment. The United States comes in at 18

Digital Payment

a completely electronic transaction between a buyer and seller, replacing the use or cash, checks, or physically swiping/inserting a card

Buyer's Remorse

a feeling of guilt, regret, or uneasiness after making a purchase

Mobile Pay

a type of digital payment made or received with a mobile device

Retargeting

also known as re marketing, is a form of online advertising that keeps a company's product in front of its target audience.

Electronic Fund Transfer Act

as soon as you report the loss, you're no longer responsible for any fraudulent charges.

Impulse Buying

buying anything without planning to do so in advance

Truth in Lending and Consumer Leasing Acts

can sue a creditor if they fail to disclose accurate info or don't follow credit card rules

Fair Credit Reporting Act

can sue creditor or credit bureau for violating laws regarding access to credit records

4 Small claims court

deals with legal disputes that involve amounts below a certain limit

Content marketing

help the customers solve their problems with valuable content in the form of blogs, videos, and podcasts.

Equal Credit Opportunity Act

if a creditor doesn't follow rules to correct a billing error... they can be out the money you owe them

Product placement

is also a marketing tool

digital ad spending

is projected to grow to $526 billion in 2014

Identity Theft

the act of fraudulently gaining and using the personal information of someone else, usually for financial gain

Consumer Credit Reporting Reform Act

the credit bureau is responsible for having accurate info about you on file

Opportunity cost

the financial opportunity that is lost when you choose to do something else with your money

Marketing

the process of communicating the value of a product or service to customers

Brand recognition

the public's ability to recall and recognize a brand by its logo, jingle, packaging, or name

Consumerism

the theory that spending money and consuming goods is good for the economy

Card Fraud

the unauthorized use of your debit of credit card number and PIN or the forging of your signature.

3 Consumer Agency Assistance

-Better Businesses Bureau -Can be used before or after a purchase -Government agencies -Local, state, and federal -Food and Drug Administration -Consumer Product Safety Commission -U.S representatives

Break the habit of comparison

1. Change your perspective 2. Cheer each other on 3. Be willing to start slow 4. Don't fall for "I deserve it" 5. Understand that stuff doesn't equal happiness

Protect and maintain your product

1. read the owner's manual and store it someplace safe so you can find it when you need it 2. use the product as intended and follow all of the maintenance tips and instructions 3. keep the receipt safe, you'll need it if you want to return the item or get it repaired 4. register the item online to get any important updates and to verify the item's purchase

600

Americans impulsively spend over ___ every month (on average) and 76% feel guilty about it

4

Change bank accounts, debit cards, credit cards, and close the old ones so they can't do more damage

5

Class action law suit

Delay Gratification

Common enemy of contentment

How to be a wise spender

Comparison shop, think about opportunity cost, don't buy if you don't understand, wait overnight, check your buying motives, and get some wise advice

1

Contact credit bureau, tell them to flag your account and not to let any new accounts be opened

2

Contact creditors- try to get fraudulent bills dropped, follow up in writing, max you should have to pay $50 if someone fraudulently uses your card.

Easy to overspend, privacy concerns, risks of data breaches where your information can be stolen

Downsides of Mobile Pay

3

File a police report- keep a copy for your records

2024

From $1.1 trillion in 2019 to over $3.1 trillion in _______, the growth of mobile pay is exploding

Card skimmers

Identity thieves attach these tricky devices to card readers at gas stations and ATM machines

5

If you still have issues, contact the Privacy Right Clearinghouse of the Federal Trade Comission

immediately

If you're a victim of fraud, contact your bank ....

Native advertising

Look like normal social media posts, advertising hope you will stop, click it, and check it out.

6

May need to contact the Social Security Administration to get a new SS# is someone's been using yours

Online purchases

Only purchase things on a secure network. Make sure the web address you are on starts with https. And never store your debit card number online, intead use a service like PayPal so you don't have to enter your debit card number.

Convenience, make transferring money quick and easy, give you a real-time record of what you've spent

Perks of Mobile Pay

Snack videos

Short, entertaining ad videos on most social media platforms and mobile video games