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Financial Literacy (Savings (Earns interest (Simple interest: multiply the…

- - - - Good debt is when the money borrowed is used to purchase something that will provide income or increase in value. E.g property.
      - Bad debt is when the money borrowed is used to buy a product that will decrease in value over time and not provide an income. E.g car.
- - - - The scammer poses as a genuine charity and takes advantage of person's generosity.
    - - The victims are told they will be in some sort of trouble in the future and to avoid this they must pay.
    - - The scammer takes advantage of someone looking for romance
    - - Scammers offer the person an opportunity to make money quickly. These scammers make make a unsolicited phone call or send an email. The scammer eventually asks for a payment or bank details.
- - - - Have many different types. The two most common is term deposits and bonds. Term deposits is where money is invested for a fixed term at a fixed rate of interest. Bonds is where money is lent to the government or company at an agreed interest rate for a certain amount of time.
    - - Is purchasing a house, unit, factory, building or land with the aim that its value will increase, The property can also be rented out.
    - - Are shares. A share is a unit of ownership in a company. Share investors become part-owners of the. company and hope that the value of their shares will rise. If the company makes a profit, it will make a payment called a dividend to shareholders.
    - - Is a method of saving for retirement. Employers contribute to their employees' super funds. Personal contributions can also be made. For most people, superannuation is taxed at a lower rate than other non-super investments.
- - - - EFPOS fees
        
        When purchasing goods using EFTPOS, a fee may be charged for the money being transferred from. the account to pay for the goods and service.
      - ATM fees
        
        When withdrawing money from an ATM, banks often charge a fee. Try to avoid using a bank's ATM to avoid the fee.
      - Exception fees
        
        Exception fees are charged if there are insufficient funds in an account to cover a transaction.
      - Phone and internet banking fees
        
        Banks often charge customers fees for transferring money or checking balances via phone or internet banking services.
      - https://www.ing.com.au/savings/tips-hints-guides/types-of-fees-charges.html