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Money is linked to complex emotions, feelings and behaviors. Each person has "money messages" that are based on past experiences, what you observed and what you were taught. These money messages reflect the attitudes, perceptions and expectations that influence your financial behaviors today. If you think about your childhood, what do you recall about your household, the people and the community around you? What kind of housing, food, and clothing did you have? Did most families have several generations living together in a house? Even if money was scarce, did you always have food on the table? Did you only wear new, named-brand clothing or was using second-hand clothes acceptable? Did you have more than one television in the house?
Types of Money :1. 2. Basically there are two types of money Paper Money Plastic Money
Paper Money:Currency in the form of government notes and bank notes Cash in the form of banknotes currency in paper form, such as government and bank notes, as distinguished from metal currency.
Plastic Money:Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handling a huge amount of cash. It includes debit cards, ATMs, smart cards, etc.
Types of plastic Money:credit Plastic Money is of various forms it could be: A. CARDS B. CURRENCY
TYPES OF CARDS:Credit card Debit card Charge card Amex card Smart card Photo card Master card & visa Diner club card Global card Co-branded card
INFRASTRUCTURE FOR CARDS:Computer systems for processing capacity (security) Large number of skilled personnel Facility to handle card, statement, payment collections & dispute resolution. Create point of sale infrastructure to accept cards.
Advantages
Offer free use of funds, provided you always pay your balance in full, on time. 2. Be more convenient to carry than cash. 3. Help you establish a good credit history. 4. Provide a convenient payment method for purchases made on the Internet and over the telephone. 5. Give you incentives, such as reward points, that you can redeem
Disadvantages :1. Cost much more than other forms of credit, such as a line of credit or a personal loan, if you don't pay on time. 2. Damage your credit rating if your payments are late; 3. Allow you to build up more debt than you can handle; 4. Have complicated terms and conditions