financial planning
This type of insurance is designed to replace your income if you become unable to work due to illness or injury
What is disability insurance?
This type of bank is primarily focused on providing loans and accepting deposits for individuals and businesses, and is often the most common type of financial institution
What is a commercial bank?
This term refers to putting your money into assets like stocks, bonds, or mutual funds with the goal of growing your wealth over time
What is investing?
This type of savings account offers higher interest rates than regular savings accounts but may require a higher minimum balance.
What is a high-yield savings account?
This budgeting method involves allocating a certain percentage of your income to specific spending categories such as savings, needs, and wants.
What is the 50/30/20 rule?
This rule of thumb suggests that no more than 28-30% of your gross income should go toward this type of housing expense.
What is your monthly mortgage or rent payment?
This service allows customers to withdraw or deposit money and manage their account balances via a network of automated machines available 24/7.
What is an ATM
These are ownership shares in a company, and they allow the investor to potentially earn dividends and vote at shareholder meetings.
What are stocks?
This term refers to the percentage of your savings account balance that the bank pays you over time, typically on an annual basis.
What is the annual percentage yield (APY)?
This type of budget is where you assign a specific dollar amount to each category and aim to not exceed those amounts throughout the month.
What is a zero-based budget?
This rule of thumb suggests that no more than 28-30% of your gross income should go toward this type of housing expense.
What is your monthly mortgage or rent payment?
This U.S. government agency is responsible for regulating and supervising national banks to ensure the stability and safety of the financial system.
What is the Office of the Comptroller of the Currency (OCC)?
This investment principle suggests that higher potential returns usually come with higher levels of this.
What is risk?
This type of savings account allows you to earn interest while keeping your money accessible, though you may face limits on withdrawals each month.
What is a money market account?
What is a zero-based budget?
What is a budgeting app or spreadsheet?
This type of investment involves spreading your money across different asset classes to reduce risk.
What is diversification?
This type of banking allows customers to perform financial transactions through a secure internet connection without visiting a physical branch.
What is online banking?
This type of mutual fund invests in a mix of stocks, bonds, and other assets to provide diversification within a single investment.
What is a balanced fund?
This is a fee that some banks charge if your savings account balance falls below a certain amount or if you make too many withdrawals in a month.
What is a maintenance fee or withdrawal fee?
These are regular, unchanging costs that you must pay each month, such as rent or a car payment.
What are fixed expenses?
his type of tax is levied on the value of an individual’s property, typically real estate, by local governments.
What is property tax?
This fee is often charged by banks when an account holder withdraws more money than they have in their checking account.
What is an overdraft fee?
This strategy involves buying and holding investments for an extended period, typically years, without trying to time the market
What is a buy and hold strategy?
This U.S. government agency insures deposits in savings accounts up to $250,000 per depositor, per insured bank.
What is the Federal Deposit Insurance Corporation (FDIC)?
This term refers to setting aside a portion of your monthly income specifically for unexpected expenses or emergencies.
What is an emergency fund?