Financial Literacy: Handling Money Matters at 18 Years

Freedom Independence Transition
 
?
Handling Money 
Matters
 
 
Handling Money 
Matters
 
What exactly is credit?
 
 
Handling Money 
Matters
  Buying goods or services
  Paying for them later
It’s…
 
 
Handling Money 
Matters
How do I get a credit card and how do I use it?
 
 
Handling Money 
Matters
 
Will be offers in the mail and at stores
         Understand the offer before signing up
Shop for the best interest rate and terms
 
 
Handling Money 
Matters
Limit your number of credit cards
Don’t charge more than you can handle
Don’t make
 
Don’t make monthly
minimum payments
 
 
Handling Money 
Matters
What happens if I get behind on my
payments or stop paying on my
credit cards?
 
 
Handling Money 
Matters
Pay continual interest on
what you still owe
 Pay late fees
Have difficulty in getting
more credit
Turn charges over to debt
collector
 
 
Handling Money 
Matters
      What is a credit score?
 
 
Handling Money 
Matters
Predetermined number
Summary of what you owe
 
 
Handling Money 
Matters
History of your payments
                                  High score = good credit
 
 
Handling Money 
Matters
 
How can I find out what my credit score
is?
 
 
Handling Money 
Matters
Three major credit agencies
  AnnualCreditReport.com
 
 
Handling Money 
Matters
Can I improve a bad credit score?
 
 
Handling Money 
Matters
Yes, but it won’t happen
overnight...
              Pay your bills on time
 
 
Handling Money 
Matters
              Pay off debt
              Acquire no new debt
 
 
Handling Money 
Matters
 
Get a steady income
 
 
Handling Money 
Matters
 Stick to a monthly budget
                          Live within your means
 
 
Handling Money 
Matters
 What is a contract?
 
 
Handling Money 
Matters
A legally binding agreement between two
or more people that benefits all of them in
some way
 
 
Handling Money 
Matters
Does a contract have to be in writing?
 
 
Handling Money 
Matters
No...
     Oral contracts exist also
    Written contracts are easier to enforce
 
 
Handling Money 
Matters
Can I be in trouble if I break a contract?
 
 
Handling Money 
Matters
Yes...
        Could be sued
        Have to appear in court
        Pay the judgment against you
 
 
Handling Money 
Matters
So I am ready to sign.  What should I do?
 
 
Handling Money 
Matters
Read everything (fine print included)
Understand every detail (ask questions)
Change terms if you don’t agree
 
 
Handling Money 
Matters
     Cross out or fill in all blank spaces
      Get a signed copy
 
 
Handling Money 
Matters
Don’t be pressured to sign
 
 
Handling Money 
Matters
 
As a consumer, am I protected in any way
when others cheat me in a deal or are
dishonest
?
 
 
Handling Money 
Matters
Absolutely (State and federal laws)...
         Ohio Attorney General’s Consumer
         Protection Service
          Federal Trade Commission’s Consumer
          Response Center
 
 
Handling Money 
Matters
What should I learn before opening a bank account?
 
 
Handling Money 
Matters
 Interest rate, fees and services
Need to maintain minimum balance
 
 
Handling Money 
Matters
Availability of online banking/overdraft protection
 
 
Handling Money 
Matters
Difference between ATM card and debit
card (fees)
Bank’s response to bounce check
Your response to lost cards or checks
 
 
Handling Money 
Matters
What should I know about identity theft now that my
name is going to be on credit cards,contracts, and bank
accounts?
 
 
Handling Money 
Matters
Serious crime
Millions become victims
every year
Costs billions of dollars
Pain to get identity back
 
 
Handling Money 
Matters
 
     How can others steal my identity?
 
 
Handling Money 
Matters
Thieves try to gain personal information
Thieves rummage through trash, steal from
mail boxes or wallets, skim encoded data
 
 
Handling Money 
Matters
   Thieves “phish” online
 
 
Handling Money 
Matters
So how do I protect myself?
 
 
Handling Money 
Matters
Don’t carry your SSN with you
Shred personal information
 
 
Handling Money 
Matters
Don’t do anything sensitive on public
Wi-Fi
 
 
Handling Money 
Matters
Check bills and bank statements
Check free credit reports
Don’t take the bait
 
 
Handling Money 
Matters
Verify source request as legit
 
 
Handling Money 
Matters
 Click with caution when shopping online
 
 
Handling Money 
Matters
Protect personal information on computer
 
 
Handling Money 
Matters
 
What should I do if I think my identity has
 been compromised?
 
 
Handling Money 
Matters
File a report immediately with authorities
Contact Ohio Attorney General’s Identity Theft
Unit
Visit www. IdentifyTheft.gov
 
 
Handling Money 
Matters
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Exploring financial independence at 18 involves understanding credit, getting a credit card, managing payments, and maintaining a good credit score. This journey includes crucial aspects like limiting credit cards, responsible spending, and repercussions of missed payments. Embracing financial literacy early is key to a secure financial future.


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  1. Freedom Independence Transition

  2. Handling Money Matters Even at 18, I need a co-signer for a credit card. ? Credit scores don t include monthly payment of utility bills or rent. All contracts have to be in writing. As a form of identity, I should carry my social security card with me. Checking free credit reports isn t a productive way to see if my identity has been stolen.

  3. Handling Money Matters What exactly is credit?

  4. Handling Money Matters It s Buying goods or services Paying for them later

  5. Handling Money Matters How do I get a credit card and how do I use it?

  6. Handling Money Matters Will be offers in the mail and at stores Understand the offer before signing up Shop for the best interest rate and terms

  7. Handling Money Matters Limit your number of credit cards Don t charge more than you can handle Don t make Don t make monthly minimum payments

  8. Handling Money Matters What happens if I get behind on my payments or stop paying on my credit cards?

  9. Handling Money Matters Pay continual interest on what you still owe Pay late fees Have difficulty in getting more credit Turn charges over to debt collector

  10. Handling Money Matters What is a credit score?

  11. Handling Money Matters Predetermined number Summary of what you owe

  12. Handling Money Matters History of your payments High score = good credit

  13. Handling Money Matters How can I find out what my credit score is?

  14. Handling Money Matters Three major credit agencies AnnualCreditReport.com

  15. Handling Money Matters Can I improve a bad credit score?

  16. Handling Money Matters Yes, but it won t happen overnight... Pay your bills on time

  17. Handling Money Matters Pay off debt Acquire no new debt

  18. Handling Money Matters Get a steady income

  19. Handling Money Matters Stick to a monthly budget Live within your means

  20. Handling Money Matters What is a contract?

  21. Handling Money Matters A legally binding agreement between two or more people that benefits all of them in some way

  22. Handling Money Matters Does a contract have to be in writing?

  23. Handling Money Matters No... Oral contracts exist also Written contracts are easier to enforce

  24. Handling Money Matters Can I be in trouble if I break a contract?

  25. Handling Money Matters Yes... Could be sued Have to appear in court Pay the judgment against you

  26. Handling Money Matters So I am ready to sign. What should I do?

  27. Handling Money Matters Read everything (fine print included) Understand every detail (ask questions) Change terms if you don t agree

  28. Handling Money Matters Cross out or fill in all blank spaces Get a signed copy

  29. Handling Money Matters Don t be pressured to sign

  30. Handling Money Matters As a consumer, am I protected in any way when others cheat me in a deal or are dishonest?

  31. Handling Money Matters Absolutely (State and federal laws)... Ohio Attorney General s Consumer Protection Service Federal Trade Commission s Consumer Response Center

  32. Handling Money Matters What should I learn before opening a bank account?

  33. Handling Money Matters Interest rate, fees and services Need to maintain minimum balance

  34. Handling Money Matters Availability of online banking/overdraft protection

  35. Handling Money Matters Difference between ATM card and debit card (fees) Bank s response to bounce check Your response to lost cards or checks

  36. Handling Money Matters What should I know about identity theft now that my name is going to be on credit cards,contracts, and bank accounts?

  37. Handling Money Matters Serious crime Millions become victims every year Costs billions of dollars Pain to get identity back

  38. Handling Money Matters How can others steal my identity?

  39. Handling Money Matters Thieves try to gain personal information Thieves rummage through trash, steal from mail boxes or wallets, skim encoded data

  40. Handling Money Matters Thieves phish online

  41. Handling Money Matters So how do I protect myself?

  42. Handling Money Matters Don t carry your SSN with you Shred personal information

  43. Handling Money Matters Don t do anything sensitive on public Wi-Fi

  44. Handling Money Matters Check bills and bank statements Check free credit reports Don t take the bait

  45. Handling Money Matters Verify source request as legit

  46. Handling Money Matters Click with caution when shopping online

  47. Handling Money Matters Protect personal information on computer

  48. Handling Money Matters What should I do if I think my identity has been compromised?

  49. Handling Money Matters File a report immediately with authorities Contact Ohio Attorney General s Identity Theft Unit Visit www. IdentifyTheft.gov

  50. Handling Money Matters Even at 18, I need a co-signer for a credit card. False Credit scores don t include monthly payment of utility bills or rent. False All contracts have to be in writing. False As a form of identity, I should carry my social security card with me. False Checking free credit reports isn t a productive way to see if my identity has been stolen. False

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