Retirement accounts
A retirement savings plan sponsored by your company
401k
pooling peoples money together to spread out risk
Insurance
the act of planning where and how to use your money
Budgeting
a common paycheck withholding
taxes, insurance premiums, retirement contributions
A loan that people use in form of a plastic card
credit card
IRA individual retirement account
The amount of money you will pay out of pocket before the insurance company will begin paying
Deductable
a budget item expense that happens repetetively on a schedule
recurring
what 2 governments bodies do most americans pay taxes to
State and Federal
best credit score you can acheive
850
professionals recommend setting aside this percent of income into retirement savings
15%
the cost to maintain insurance usually paid monthly or yearly
Insurance Premium
emergency fund
FICA tax helps pay for this government service
Social Security benefits
one of the 3 credit bureaus
experian, transunion, equifax
Lending money to a government of municipality in return for an agreed upon amount of interest
a bond
The most amount of money you will pay in a calender year
Out of pocket max
suplus, extra
A tax system that taxes you more the more money you make.
progressive tax
the average interest rate of a credit card
17-25 percent
buying stocks and bonds on a set interval over time consistantly regardless of price and valuation
Dollar Cost Averaging
Insurance program for the elderly and the insurance program for people in poverty
Medicare and Medicade
the amount of money you have after taxes and deductions to your paycheck
net pay
government tax filing form
1040
A loan taken out that is specifically used for the purchase of a home
Mortgage