Month-to-Month
A plan that estimates how much money you will make and spend.
What is a budget?
This type of bank account is used to pay bills.
What is a checking account?
A loan to cover the costs of attending college which must be repaid after leaving college.
What is a student loan?
Digital money like Bitcoin, Ethereum, and Litecoin.
What are cryptocurrencies?
A deduction from your paycheck for social security.
What is Federal Insurance Contributions Act (FICA)?
This type of bank account is used to save money, may pay a slightly higher interest rate than a regular savings account, but is not insured by FDIC.
What is a money market account?
A loan distributed for the purchase of real estate with specifc payment periods and interest.
What is a mortgage?
When the price of commonly purchased goods rises over time.
What is inflation?
Money saved to pay for 3 to 6 months of living expenses if you lose your income.
What is an emergency fund?
This type of card is used to pay for things directly from you bank account.
What is a debit card?
This is extra money you pay back on a loan above what you originally borrowed.
What is interest?
A share in the ownership of a public company.
What is a stock?
A plan that commits 50% of your income to needed expenses, 30% to wants expenses, and 20% to savings.
What is a 50/30/20 budget?
This type of account allows you to buy and sell different stocks.
What is a brokerage account?
The amount of money owed on a loan. Some of each loan payment goes to pay this down.
What is the loan principle?
This is a retirement savings account where you put in money now and do not have to pay taxes on withdrawals when you retire.
What is a Roth IRA?
A budget plan where you cut your expenses drastically and invest at least 50% of your income. Then you retire early and live off of your investments.
What is the Financial Independence Retire Early (FIRE) budget?
This type of retirement savings account is offered by many non-government employers for their employees.
What is a 401k account?
This number will affect if you get approved for a loan and what interest rate percentage you will pay.
What is a credit score?
This is a portfolio of investments that you can buy shares of from your brokerage account. It trades on an exchange just like individual stocks.
What is an exchange traded fund or ETF?