Personal Finances

Buy Nothing Project

A global network of community-based groups that encourages giving (or recycling) consumer goods and services instead of buying them.

Comparison Shopping

The process of comparing various factors for a product or service before making a purchasing decision

Consumer

A person who purchases goods and services for personal use

Data Breach

An event during which the security system for a company fails and personal information is vulnerable to hackers

Drip Pricing

The practice of initially showing consumers a lower price and then revealing additional fees at the time of payment

Federal Trade Commission (FTC)

A government organization whose role is to protect consumers and competition by preventing anti-competitive, deceptive, and unfair business practices through law enforcement, advocacy, and education

Hidden Fees

Additional charges added on to the cost of a good or service that a consumer may not necessarily be aware of at the time of purchase

Identity Theft

When someone steals your personal information to commit fraud such as applying for credit, filing taxes, or obtaining medical services

Influencer

A person who is able to generate interest in something (such as a consumer product) by posting about it on social media

Multi-Level Marketing (MLM) Company

A business in which a person receives proceeds not only from their own sales, but from the sales made by people they have signed up, and potentially people those people have signed up, and so on

Phishing Scam

A type of scam in which personal information is requested, typically through an illegitimate email

Pump and Dump Scam

A type of scam in which investors artificially inflate the price of stock and then sell out before the price falls

Pyramid Scheme

An illicit business model where profits are based on the investor's ability to recruit other individuals who are enrolled to make payments to their recruiters. Generally, neither a product or service is delivered.

Scam

An illegal trick, usually with the purpose of getting money or information from a person; a type of fraud

Shopping Scam

A type of scam in which an item is purchased, often through social media, but the product never arrives

Thrifting

Purchasing goods second hand whether in person or through an online marketplace

2-Factor Authentication (2FA)

An extra layer of security that requires a user to provide two pieces of information (such as a password and a temporary code) to access an account

Unit Price

The cost for one item or measurement that allows it to be easily compared to other similar products to evaluate which is a better deal

craftmanship

Aptitude, skill, or quality workmanship in the use of tools and materials.

performance

measures how quickly a system performs a certain process or transaction

quality

consistently producing what the customer wants

longevity

long duration of life

variety

A number of different kinds; assortment