Welcome to our final lesson, learners! We have covered how to earn money, how to save it, and how to pay our taxes. Now, we need to talk about how to protect it.Hi everyone! I am Aoede. I am going to teach you how to shop smart so you do not get tricked by bad deals.Hello! I am Leda. I will explain the laws that protect you if something goes wrong with a purchase.And I am Charon! I am going to show you how to build a reputation that makes banks trust you, and how to spot a scam from a mile away. Let us finish strong!Let us start with something we see everywhere in Guyana: Hire Purchase. You walk into a store, and you see a shiny new flat screen TV. The tag says, Pay only five thousand dollars down and five thousand a month! It sounds amazing, right? But you must be careful. This is regulated by the Hire Purchase Act. This law says the store must tell you the Cash Price versus the Hire Purchase Price. Often, if you add up all those monthly payments, you end up paying double what the TV is actually worth! There is nothing wrong with hire purchase if you really need an item, but do the math first. Ask yourself, is it worth paying two hundred thousand dollars for a TV that costs one hundred thousand dollars cash? The law says they have to show you the total price. Read the contract before you sign!That is right, Aoede. Reading is power. And speaking of power, did you know there is a whole government agency dedicated to fighting for you? It is called the Competition and Consumer Affairs Commission, or CCAC. If you buy a stove and it stops working after two days, the store cannot just tell you hard luck. Under the Consumer Protection Act, you have rights. You have the right to goods that are of acceptable quality. You have the right to a refund or repair if the item is defective. If a store refuses to help you, you can report them to the CCAC. They are like your financial bodyguards. But remember, you have responsibilities too. You must keep your receipt! Without a receipt, it is very hard to prove you bought the item. So, always ask for a receipt, and take a picture of it with your phone just in case the ink fades.Now, let us talk about your reputation. In the old days, a handshake was enough. Today, we have the Credit Reporting Act. This law established the Credit Bureau, called Credit Info Guyana. This is a system that tracks how you pay your bills. Every time you pay your loan on time, your score goes up. But, and this is important, it also tracks other bills. Did you know that if you refuse to pay your GTT or GPL bill for months, that information can be sent to the Credit Bureau? It creates a black mark on your file. Years later, when you try to get a loan for a car or a house, the bank will look at your file and see that you did not pay your phone bill. They might deny your loan or charge you a higher interest rate. Your credit report is your financial report card. Keep it clean by paying your bills on time, every time.We also need to have a serious talk about safety. As Guyana’s economy grows, scammers are working overtime. You might hear about an investment scheme that promises to double your money in a month. They say, just bring two friends and you will get rich! Stop. This is a Pyramid Scheme or a Ponzi Scheme. These are illegal in Guyana, and they always collapse. The people at the top take the money, and the people at the bottom lose everything. If an investment sounds too good to be true, it is. Legitimate investments on the stock market might pay you five or ten percent a year. A scammer will promise you fifty percent a month. Do not let greed blind you. Keep your money in a regulated financial institution like a bank or insurance company. Also, never share your online banking password or your PIN number with anyone. Not even your best friend.We have covered so much ground in this course! Let us do a quick recap of your personal finance toolkit.
Tool Number One: Your TIN. Your key to working and banking.
Tool Number Two: The fifty thirty twenty Rule. Your map for spending and saving.
Tool Number Three: NIS. Your safety net for health and old age.
Tool Number Four: Tax Compliance. Paying your fair share to build our country.And do not forget the mindset!
Mindset Number One: Patience. Wealth is built over years, not days.
Mindset Number Two: Discipline. Sticking to your budget even when you want to splurge.
Mindset Number Three: Curiosity. Keeping up with new laws and financial tools as Guyana changes.We are at a special time in our history. Guyana is transforming. You have the opportunity to be the wealthiest, most educated generation our country has ever seen. But money is just a tool. It is what you do with it that matters. Use it to build a comfortable home. Use it to educate your children. Use it to start businesses that employ your neighbors. Use it to travel and see the world.You have all the knowledge you need to start. You do not need to be a millionaire to manage your money well. You just need to start with what you have, right now.Make smart choices and protect your future!Stay safe and know your rights!Dream big and build your empire!Thank you for learning with us. Go out there and make Guyana proud! Goodbye!
