Kevin Hayes - Cash, Credit and Credit Repair Information for Teens

Teen Finance Series

CASH, CREDIT AND CREDIT
REPAIR INFORMATION FOURTH EDITION

Teen Finance Series

CASH, CREDIT AND CREDIT
REPAIR INFORMATION FOURTH EDITION

Tips for a Successful Financial Life

Including Facts about Earning Money, Budgeting, Banking, Shopping, Financial Technology, Using Credit, and Avoiding Financial Pitfalls

615 Griswold St., Ste. 520
Detroit, MI 48226

Bibliographic Note

Because this page cannot legibly accommodate all the copyright notices, the Bibliographic Note portion of the Preface constitutes an extension of the copyright notice.

* * *

OMNIGRAPHICS

Kevin Hayes, Managing Editor

* * *

Copyright 2021 Omnigraphics

ISBN 978-0-7808-1852-1

E-ISBN 978-0-7808-1853-8

Library of Congress Cataloging-in-Publication Data

Names: Hayes, Kevin (Editor of health information), editor.

Title: Cash, credit and credit repair information for teens: tips for a successful financial life: including facts about earning money, budgeting, banking, shopping, financial technology, using credit, and avoiding financial pitfalls / edited by Kevin Hayes. Other titles: Cash and credit information for teens.

Description: Fourth edition. | Detroit, MI: Omnigraphics, [2021] | Series: Teen finance series | Earlier edition published as: Cash and credit information for teens: tips for a successful financial life: including facts about earning, spending, and borrowing money, with topics such as budgeting, consumer rights, banks, paychecks, taxes, loans, credit cards, and more. | Includes bibliographical references and index. | Audience: Ages 13 | Audience: Grades 7-9 | Summary: Provides tips for a successful financial life including facts about earning money, paying taxes, budgeting, banking, shopping, using credit and debit cards, and avoiding scams, identity theft, and other financial pitfalls-- Provided by publisher.

Identifiers: LCCN 2021018688 (print) | LCCN 2021018689 (ebook) | ISBN 9780780818521 (library binding ; alk. paper) | ISBN 9780780818538 (ebook)

Subjects: LCSH: Teenagers--Finance, Personal--Juvenile literature. | Finance, Personal--Juvenile literature.

Classification: LCC HG179.C346 2021 (print) | LCC HG179 (ebook) | DDC 332.02400835--dc23

LC record available at https://lccn.loc.gov/2021018688

LC ebook record available at https://lccn.loc.gov/2021018689

Electronic or mechanical reproduction, including photography, recording, or any other information storage and retrieval system for the purpose of resale is strictly prohibited without permission in writing from the publisher.

The information in this publication was compiled from the sources cited and from other sources considered reliable. While every possible effort has been made to ensure reliability, the publisher will not assume liability for damages caused by inaccuracies in the data, and makes no warranty, express or implied, on the accuracy of the information contained herein.

This book is printed on acid-free paper meeting the ANSI Z39.48 Standard. The infinity symbol that appears above indicates that the paper in this book meets that standard.

Printed in the United States

Table of Contents

Preface

About This Book

Todays teens are spending their own money, and they are spending a lot of it. But, the challenges that come with managing and spending that money have never been more daunting. Faced with greater personal responsibility for managing their own money, and changing technology that has created both opportunity and risk, todays teens face economic challenges unlike any previous generation. Unfortunately, many teens are lacking the basic financial literacy needed to meet those challenges. As a result, the majority of todays teens remain unaware of basic financial principles, such as earning, budgeting, saving, establishing credit and managing debt. In addition, many teens are unaware of the risks that come with the technology that while making their lives easier, also makes their personal and financial information more vulnerable than ever before.

Cash, Credit and Credit Repair Information for Teens, Fourth Edition provides an updated look at how teens can earn and manage money. It provides practical information about receiving income, and budgeting. It also discusses choosing appropriate banking services, managing a checking account, using credit and debit cards, and making informed shopping decisions. It provides information about the latest trends in financial technology such as electronic banking, mobile wallets, online shopping, cryptocurrency, etc. A section on avoiding financial pitfalls provides facts about predatory lending practices, identity theft, and common financial scams. The book concludes with a directory of resources for additional information.

How to Use This Book

This book is divided into parts and chapters. Parts focus on broad areas of interest; chapters are devoted to single topics within a part.

acquire money including jobs, apprenticeship, internships, and through entrepreneurship. Information about taxes on income and other earnings is also included.

discusses the essentials of money management and budgeting. It describes banking basics, and offers tips on how to choose a right bank account. It also offers suggestions on how to save and grow your money. A chapter on how you can use your money to help others is also provided.

talks about the basics of borrowing money and what you need to know about credit. It explains how credit works and the importance of building a good credit history. Information on choosing and managing a credit card is also provided. It explains how to deal with debt and offers information about credit counseling.

provides tips about shopping and spending money wisely. Individual chapters discuss some of the purchase challenges many teens face and explain how social media influences the shopping decisions of the teens.

talks about the latest technologies that aim at enhancing financial services and processes. The benefits and risks of electronic banking, mobile wallets, and online shopping are discussed. A special chapter on cryptocurrency is provided to help teens understand the basics of new age digital currency.

explains some of the most common problems that threaten financial well-being, including predatory lending practices and identity theft. It also cautions readers about the risks associated with various frauds, such as lottery scams, charity scams, investment scams, pyramid and Ponzi schemes, and telemarketing scams.

includes a directory of resources for additional information about personal finance.

Bibliographic Note

This volume contains documents and excerpts from publications issued by the following U.S. government agencies: Apprenticeship.gov; Board of Governors of the Federal Reserve System; Consumer Financial Protection Bureau (CFPB); Federal Communications Commission (FCC); Federal Deposit Insurance Corporation (FDIC); Federal Student Aid; Federal Trade Commission (FTC); Internal Revenue Service (IRS); MyCreditUnion.gov; MyMoney.gov; Securities and Exchange Commission (SEC); Small Business Administration (SBA); U.S. Bureau of Labor Statistics (BLS); U.S. Department of Justice (DOJ); USA.gov; and Youth.gov.

It may also contain original material produced by Omnigraphics.