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Objective 2.02 – Understand threats to financial security

Objective 2.02 – Understand threats to financial security. Personal Finance Fall 2013. Consumer Behaviors. Certain consumer behaviors can lead to financial losses Failure to plan Failure to protect Failure to be informed Failure to communicate. FAILURE TO PLAN.

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Objective 2.02 – Understand threats to financial security

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  1. Objective 2.02 – Understand threats to financial security Personal Finance Fall 2013

  2. Consumer Behaviors Certain consumer behaviors can lead to financial losses • Failure to plan • Failure to protect • Failure to be informed • Failure to communicate

  3. FAILURE TO PLAN • Not comparing job offers carefully in light of expected expenses • Shopping without a list, which often leads to impulse buying • Spending without using a spending plan, which often leads to overspending

  4. FAILURE TO PROTECT • Making personal information available that can lead to identity theft • Not securing life, health, and property to minimize risks of crimes and emergencies • Not following Internet safety practices

  5. FAILURE TO BE INFORMED • Not reading the fine print in sales agreements, product labels, contracts • Not researching sales offers in depth before making a commitment • Not separating facts from opinions in considering advertisements

  6. FAILURE TO COMMUNICATE • Not asking sufficient appropriate questions to inform financial decisions • Not discussing financial decisions with all parties/family members involved • Not taking enough time to make a careful decision because of sales pressure • Not saying “no” when needed

  7. COMMUNICATING WITH FELLOW CONSUMERS • Use available communication media – live conversation, telephone, texting, emails • Be specific; include key details.

  8. REPORT TO GOVERNMENT AGENCIES AND OTHER CONSUMER ADVOCATES • Go to the Federal Trade Commission (FTC) website; complete a Consumer Complaint Form • Call or visit website of the National Fraud Information Center of the National Consumer League • Contact local consumer protection agency • Contact Better Business Bureau • Contact State Attorney General’s office • Contact the post office if you receive a fraudulent offer by mail • Contact the local media

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