Misc.
Paying on time is the most significant factor for determining this.
What is credit score?
This term refers to interest paid on interest previously earned as well as the principal.
What is compound interest?
These are the three credit reporting agencies.
Experian, Equifax, Transunion
This type of account is used to fund everyday purchases.
What is a checking account?
Mr. Sullivan has this many children.
What is 3?
Often seen when exploring the cost of a credit card or rate of return for a savings account. This 3 letter acronym is the approximate yearly cost of borrowing money from a financial institution.
What is APR?
The persistent increase in the cost of goods and services or the persistent decline in the purchasing power of money.
What is inflation?
This person guarantees repayment of a loan in case a borrower defaults.
What is a co-signer?
These types of depository institutions have membership restrictions.
What are credit unions
While it is commonly thought to have 500 companies in the S&P 500, it actually contains this many companies.
What is 500?
This is one of the risks faced by those who save their money in cash or in low interest bearing savings accounts.
What is inflation?
This term refers to immediately accessible money totaling 3-6 months of living expenses.
What is an emergency fund?
This term applies to when a bank takes back a house due to non-payment.
What is foreclose?
Term used to describe what the consumer pays to borrow money. Essentially the cost of a loan.
What is interest?
This was Mr. Sullivan's least favorite job.
What is a mover?
This company created the FICO score.
What is Fair Isaac Corporation?
This term refers to the impact of money being withdrawn from a bank account and the available balance going below zero.
What is overdraft?
This type of interest rate may fluctuate over time and is less risky for the bank.
What is a variable interest rate
Increasingly online banks offer these products designed to allow customers to get decent returns on their savings account balances.
What are high yield savings accounts?
This is the sport that Mr. Sullivan plays more than any other.
What is golf?
This is what Mr. Sullivan and Morgan Housel believe is the greatest thing money can buy.
What is freedom?
An example of this term is when a new car loses value as soon as it is driven off of the lot.
What is depreciation?
A missed payment stays on your credit report for this long.
What is 7 years?
Mr. Sullivan recently switched to SOFI from this bank.
What is USAA
Mr. Sullivan graduated from this high school in 2011.
What is Olympic High School?