Practical Knowledge
This is a basic account held at a bank, you would use a debit card to draw money out of this account. There are usually fees attached to this type of account.
What is a Checking account.
A financial account that helps you earn interest on your money while keeping it accessible.
What is a Savings account?
What is 65?
This type of insurance protects your home in case of natural disasters or theft?
What is Homeowners Insurance?
The three major credit bureaus that monitor your credit history.
Who are Equifax, Experian, and TransUnion?
This special type of insurance helps cover the cost of extended care services, like nursing home care or home health care, which are not typically covered by Medicare or health insurance.
What is Long-term Care insurance?
Financial experts recommend having at least this many months' worth of living expenses saved in an emergency fund.
What is three to six months?
What type of retirement plan can provided by employers and guarantees a specific monthly benefit upon retirement?
What is a Defined Benefit Pension Plan?
This type of interest grows on the initial principal and any previously earned interest.
What is Compound Interest?
This type of educational financial aid does NOT need to be paid back.
What is Grants and Loans?
This is the highest possible FICO credit score.
What is 850?
This account, often used to education expenses, offers tax advantages for saving for college.
What is a 529 savings plan?
At what age are individuals generally eligible to enroll in Medicare, the federal health insurance program for retirees?
What is 65?
This term represents a diversified portfolio of stocks and bonds.
What is a Mutual Fund?
The process of estimating the value of a property.
What is an appraisal?
To avoid accumulating debt, make sure you can do this with your credit card balance before the due date.
What is paying the full balance?
What is a Certificate of Deposit or CD?
This retirement account type involves contributing after-tax dollars and enjoying tax-free withdrawals.
What is a Roth IRA?
The term for money you receive to pay for education that must be repaid.
What is a student loan?
The practice of tricking people into revealing personal information.
What is Phishing?
This financial practice involves consistently setting aside a portion of your income for the long-term future.
What is contributing to a retirement account?
This type of savings account typically offers higher interest rates then regular savings accounts.
What is a High-Yield savings account?
This employer benefit involves the company contributing money to your retirement savings based on your own contributions.
What is a 401k match?
This financial tool helps you plan your spending, track your income, and set financial goals.
What is a budget?
What does APR stand for in the context of loans and credit cards?
What is Annual Percentage Rate?