Types Of Credit
A physical piece of paper that can be used in exchange for goods, debt, or services.
Cash
An account at a bank or credit union that holds and saves your money for you
Savings account
An account that exist solely online
Online Savings Account
A financial goal that you set for yourself and hope to achieve within a reasonable time frame
Saving goal
What is FOMO
The fear of missing out on something
A card in which you can only spend the balance available in the account.
Debit card.
An account that allows you to deposit and withdraw money that can also be used on a daily basis
Checking account
A person that dosnt have a bank account
unbanked
A financial goal that can be achieved within a few weeks to months
Short term goal
When someone strongly prefers avoiding losses rather than acquiring equivalent gains
Loss Aversion
A card that allows you to borrow money from the bank
Credit card
A nonprofit institution owned by its members.
Credit union
A person that does have a bank account
Account Holder
A financial goal that can be achieved within a few months to years
Mid term goal
What is Sunk Cost Fallacy
The mindset of continuing with a decision just because of past financial decisions
A card that you have pre-loaded with money.
Prepaid Debit Card.
A large financial institution
National bank
A sum of money you get at the end of the week when employed
Paycheck
A financial goal that can be achieved within a few years
Long term goals
The tendency to favor information that confirms their existing beliefs or hypothesis
Confirmation Bias
Funds that one saves in case of an emergency
Emergency funds
Savings account that earns a fixed interest rate
Certificate of deposit (CD)
A type of bank account that earns interest and combines features of saving and checking accounts
Money market account
Putting money into assets like bonds or stock
Investing
What is Herd Mentality
The tendency for peoples behavior or beliefs to conform to those of the group to which they belong