Budgeting
Money that is received from work, investments, business, etc.
Income
A person who purchases goods and services for personal use.
Consumer
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes.
Dependent
The use of social media platforms and websites to promote a product or service
Social Media Marketing
A letter that you send with your resume to explain your qualifications and interest in a particular job opportunity.
Cover Letter
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
Net Pay
When someone steals your personal information to commit fraud such as applying for credit, filing taxes, or obtaining medical services.
Identity Theft
The set amount of money, per dependent, you can subtract from your taxable income
Exemption
When a person believes they are better at something than they actually are
Overestimation
A retirement savings plan, sponsored through your employer who will often match your contributions, that allows an individual to save for retirement.
401(k) plan
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.)
Utilities
Additional charges added on to the cost of a good or service that a consumer may not necessarily be aware of at the time of purchase.
Hidden Fees
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans.
Medicare
The tendency to conform to the behaviors and beliefs of the people around you.
Herd Mentality
The extras an employer provides employees in addition to pay, such as health insurance or paid time off
Benefits
The lowest income necessary for a worker to meet their basic needs
Living wage
An additional fee that is usually higher than what you could pay for the item or action on your own.
Surcharge
A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds etc.
Paycheck Stub
The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.
Confirmation Bias
Specific knowledge or abilities that let you tackle job-specific duties that you learn through courses, vocational training, and on the job
Hard Skills
A contract between a tenant and a landlord providing the terms and costs for renting the property
Residential Lease
An illicit business model where profits are based on the investor's ability to recruit other individuals who are enrolled to make payments to their recruiters. Generally, neither a product or service is delivered.
Pyramid Scheme
Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States
I-9
The subfield of economics that applies psychological insights into human behavior and to explain economic decision making.
Behavioral Economics
A feeling of not belonging or not being good enough, especially for people with marginalized identities
Imposter Syndrome