BANKING
This type of account is connected to your debit card
Checking account
his stock market index represents 500 of the largest companies listed on stock exchanges in the United States
S&P500
The amount borrowed by someone for a loan
Principal
A record of how you've managed loans and payments over time
Credit report
Money you borrow for college and need to repay
Student loans
A monthly fee that some banks charge to keep your account open
Maintenance fee
This investment vehicle automatically adjusts your investments based on a planned retirement year
TDF (Target Date Fund)
An initial payment made when buying something expensive, such as a car or house
Down payment
This payment method can help you build credit and requires a cash deposit
Secured credit card
Sticker price - gift aid =
Net price
This federal insurance program protects the money you deposit in member banks up to $250,000 per depositor, per bank
FDIC (Federal Deposit Insurance Corporation)
This strategy involves spreading investments across different assets to reduce risk
Diversification
The lowest amount you can pay on your monthly credit card bill to remain in good standing
Minimum payment
This strategy for debt repayment starts with the highest interest-rate debts
Avalanche method
or
High-rate method
The form submitted by students to determine their eligibility for financial aid
FAFSA
If you are unbanked (lack access to a traditional banking system), what is one drawback you may have?
If you had $2000 in an account with 5% APY (Annual Percentage Yield) for 2 years.
$2,205
$2000 * 1.05 * 1.05
You have $300 on a credit card. Your minimum payment due is $15. If you pay $200 by the due date, what will you be charged?
Interest
Your credit report will have:
Personal Identity Information
Money you get for college, sometimes referred to as "gift aid", that you don't need to repay
Scholarships and Grants