Managing Your Personal Finances Essay

1193 words - 5 pages

1. Numerous fake check scams occur each year. Information and videos are available at www.fakechecks.org.
Write up a report on what you discovered at this site. Throughout the years millions of people are scammed from fake checks. “73% of banks reported check fraud losses in 2010, totaling approximately $893 million”(StopCheckFraud.com). Fake check scams may include: overpayment scam, lottery scam, and work from home scams. All of these checks are fraudulent and cause people to lose thousands of dollars. “760,955 cases of check fraud were reported in 2008 with actual losses estimated at $1.024 billion (2009 ABA study), 561,306 cases and $969 million in 2005 (2006 ABA study), and 616,469 cases and $677 million in 2002 (2003 ABA study) (StopCheckFraud.com).
People should be aware of fake check scams. For example, you should never accept or deposit a check for someone you don’t know. Actually, last year I was the victim of check fraud. A teller allowed two different people to cash two fake checks into our account. These checks were cashed without our knowledge and we did not even know the people. Eventually, they found that the teller had something to do with cashing the fake checks. According to (StopCheckFraud.com) “60% of all fraud incidents within a business involve employees”. This issue was very stressful but in the end the teller was fired.
Watching this video should you the way people can be easily scammed. I also discovered how people will try to manipulate others to do fraudulent things. For instance, telling someone that they won the lottery. How can you win if you never played the lottery? After, watching the victims interviews I determined they you cannot trust people because you can lose all that you have trying to help others. Something surprising was finding out that “the imprisonment rate for check fraud is only 2” (StopCheckFruad.com).

2. List the federal laws that protect you if you have a complaint regarding consumer credit; outline your rights under the consumer credit laws.
There are several different laws that helps protect you if you have a complaint concerning consumer’s credit. These laws are the Truth in lending and consumer leasing, the equal credit opportunity act, the fair credit billing act, the fair credit reporting act, and the consumer credit reporting reform act credit law. These laws are helpful when you want to file a complaining consumer credit report.
First, the consumer credit reporting reform act “of 1997 places the burden of proof for accurate credit information on the credit reporting agency rather than you” (Hughes, 2009, p. 197). This law helps protect consumers from having incorrect information put on their credit report. If a credit report display incorrect information they may be sued. “If a creditor of the credit bureau verifies incorrect data, you can sue for damages” (Hughes, 2009, p.197). For example, Billy went to apply for a house loan. The...

Find Another Essay On Managing Your Personal Finances

Money and Marriage: 6 Tips for a Happy Relationship

664 words - 3 pages poorer as many studies have shown that financial issues are among the major causes of marital troubles that often lead to divorce. This is why it’s vital for couples to be smart in managing their money and take steps to make their finances work through thick and thin. Here, we share some important money management tips that couples, whether newlyweds or not, should follow to enjoy a lifetime of financial and marital harmony. 1. Talk openly

Skills of First Year Financial Management Students in De La Salle Lipa

1281 words - 5 pages related to personal finance. This study was designed to evaluate the financial management skills regarding on handling their personal finances. In this study, a test of the skills of financial management students was examined. The survey will be conducted on De La Salle Lipa students. It covers advantages of money management of college students, steps in managing personal finance, studies in other countries regarding the finance of college

Company Choice

919 words - 4 pages acting only as a shareholder and not as an active member A soul proprietorship is the most simple structure of business to create and manage. The amount of paperwork and tax reporting is also very simple; no need to worry about annual meetings, annual fees, formal financial statements are ensuring your personal and business finances are separate the government doesn’t make any separation between the money you earn in the amount your sole

Kayla Thompson's Bookkeeping

877 words - 4 pages finances for small, locally owned businesses that do not want to keep track of loss and profits on their own. I will also offer help with income taxes and filing for individuals seeking guidance. As a sole proprietorship I will also be personally liable for all financial obligations for my business. I will report all income and expenses on my personal tax return. As the owner I also have all managerial control. I am able to run my business how I

The Importance of Financial Planning

659 words - 3 pages Throughout life we a faced with financial decisions. Much of the time we are unable to manage our funds the way that we would have liked. Successful financial planning allows you to have a clear prospective on your future financial needs. In order to gain the financial freedom of your desire you will need to start by reviewing your current situation. Like many others my finances are not what I?d like them to be. With everyday that passes I ask

lighter side review

663 words - 3 pages nearby hotel’s western-style powder room. If toilet humor isn’t your thing, don’t worry. Kronick’s other essays address an array of topics including language, business etiquette, luck, magic and tradition. Perhaps the gem of Kronick’s treasury is his insight and advice on intercultural marriage. Originally from the Midwest, U.S, Kronick has worked with some of the largest multinational companies in China, managing hundreds of staff in a demanding

beginning with the end in mind

1719 words - 7 pages the idea that “all things are created twice. There’s a mental or first creation [leadership], and a physical or second creation [management]” (Covey 99). Leading is planning and visualizing a clear sense of what you want, drafting the “blueprint” of your goal. Managing is actually carrying out the operation; it is making that blueprint materialize. A lack of leading does not create a lack of creation, rather a default creation. By design or by

Review Of "Jobless Turn To Work Helping Others"

526 words - 2 pages December they were both hired at Money Management, a non-profit firm that provides nationwide credit counseling. Now they teach others what they had to learn about managing their finances. Cagan had a mortgage payment of $522 and a new salary, which was 40% less than what he was making. Washington had credit card debt of $3,000; she enrolled in Money Management's debt reduction program herself in the hopes of one-day qualifying for a home

Investing Online

791 words - 3 pages personal investing has its pros and cons. It has made it much easier for the average person to take care of his/her finances in an inexpensive manner. It has alos made it easier for people to become addicted to trading, which can become an expensive habit. Trading Stocks Inexpensively Online trading is easy and inexpensive. In comparison with traditional brokers, Internet brokers charge flat rates for transactions. The traditional full

Money Conversations You Need to Have Before Merging Finances

676 words - 3 pages their results. Not only is this a great time to review any past due accounts and look for credit card fraud, but it's also an opportunity to look at your partner's financial history. Discuss Long Term Goals While talks of co-habitation often include talks of children, travel, and retirement, finances are often noticeably absent. Money plans a pivotal part in any future plans and being on the same page as your partner is imperative for happiness

7 of the Best Apps to Save You Money

734 words - 3 pages Smart phone apps have opened up a new world of fitness, gaming, and even finance. Trying to wade through the hundreds of personal finance apps to figure out which are the most helpful can be a challenge. When trying to stretch your budget, these seven apps can help you save, scrimp, and splurge. Mint Mint is the free, do-it-all budget app. If you haven't been using the online platform, it's time to sign up. Today, personal finances aren't

Similar Essays

Managing Personal Finances Essay

844 words - 3 pages Managing Personal Finances Managing personal finances is an important skill to acquire. However, no where in school is this subject taught. As a result of a lack of preparation, our society is subject to a high percentage of people who lack financial success. Those who are successful at managing their personal finances will find that they are successful in many other areas as well. To learn how to manage personal finances there are

Planning Your Personal Finances Essay

679 words - 3 pages a local bank. Jamie also has a savings account at a credit union. Jamie use the credit union account to save money because she can’t access it right away. She usually deposit twenty dollars each week she gets paid. One can also use payroll deduction as a savings technique. Payroll deductions is money taken directly from you work check “with this system an amount is deducted from your salary and deposited in saving” (Hughes, 2009, p.95). Billy

Mint.Com, My Favorite Personal Finance Tool

1169 words - 5 pages of personal finance classes should be a part of a high school education. In these tough economic times, I’ve learned that having a handle on our personal finances is not a luxury – it’s a requirement. Therefore, making money while effectively managing and tracking how you spend it is closely related to stress levels and living a comfortable life. Using Mint.com is a great tool I use in keeping control of my personal finances. I learned of

Should I Hire An Accountant? Essay

1329 words - 5 pages accountant to assist in one’s personal finances. Though people are able to file their taxes on their taxes on their own, they aren’t necessarily going to get the outmost refund or pay less than they could. Even more, tax laws change on a consistent basis and most people aren’t as in touch with tax laws than accountants. Having a CPA file your taxes ensures that you are not breaking any tax law and you are receiving the optimal refund. Next, an