Saving
This type of bank account offers the higher interest: a checking account, savings account, or long- term savings account
what is long- term savings account
the name of the cost/money you pay to borrow money from a bank
WHat is Interest
One of the factors people use when choosing a bank.
What is location, convenience, rates, or fees?
When saving money for a longer period of time, but you would still like easy access in case of an emergency, this type of investment typically has better yielding interest rates than a standard savings account.
What is a CD (Certificate of Deposit)?
An investment where you own a small part of a company
What is a stock
You put $500 in a bank. After 10 years, there is over $800 in that account. If you didn’t put any more money in the account, this caused you to get more money
What is Interest
If you completely repay your credit card each month, the amount of interest you pay
What is none, nada, 0
A request for your bank to pay another party from funds in your account.
A Check
This kind of debt is over $1.5 trillion in the U.S.
What is student loan debt?
What is a Bond
The type of bank account where you keep money you intend to spend right away
What is Checking account OR Debit account?
the word does a bank use to define the money you borrowed
what is principal
This should be performed monthly to ensure proper record keeping and help protect against identity theft.
What is a bank reconciliation?
The kind of debt you use to buy a home.
What is a mortgage?
An investment that pools money from many people and invests in a number of different investments (usually stocks and bonds)
What is a mutual fund?
three ways you can withdraw money from your bank account
What is check, debit card, ATM, withdrawal (slip) at the bank
When you take out a mortgage, a bank requires collateral this is a guarantee that they’ll get their money back, if you fail to make payments
What is collateral?
The limit of money deposited in a bank that is insured by the FDIC.
What is $250,000
This goes down when you do not pay your debts on time.
What is your credit score?
Called the 8th wonder of the world. Called a mathematical explosion - Exponential growth of money!
what is compound interest
the five different ways you can save money with a bank.
What is checking account, savings account, longer term savings, retirement savings, investments
If you borrow $1,000 at 6% interest/year over three years, how much interest would you pay by the end of the term
It depends $180 or $191.02 or less. It depends on your balance.
This happens when you write checks for more money than is in your account.
What is an overdraft?
The best time to begin saving for retirement.
What is ASAP (as soon as possible)!?
This increases along with the return (interest) of an investment.
What is Risk