Savings
The three main savings accounts we discussed.
What are, Traditional (regular), High Yield Savings (HYS), and Money Market Accounts (MMAs).
This unit is considered less risky.
What is, a Bond.
Your employer can contribute to this fund.
What is, a 401k.
You can choose what stocks go into your Mutual Fund. T/F.
Flase, you lack control over the stocks selected.
This directly affects your ability to rent an apartment.
What is, a Credit Score.
FDIC covers double the amount for joint accounts. T/F.
True, FDIC covers up to $500,000 for joint accounts.
This unit is considered highly volatile.
What is a stock.
IRA stands for this.
Individual Retirement Account.
Mutual funds can be managed in these two ways.
This outlines your income and expenses.
What is, a budget.
This account may require higher minimum balances to open and maintain the account.
What is a, MMA.
This type of Bond is only offered by the US Government.
What is a, US treasury Bond.
With this IRA you will pay taxes before withdrawing funds.
What is a, Roth IRA.
These are the four Asset Classes of Mutual Funds.
What are, Large Cap, Mid Cap, Small Cap, and International.
This type of fund has three to six months of living expenses saved up.
What is, an Emergency Fund.
This Savings Account is the toughest to withdraw from.
What is a, High Yield Savings account.
This term is used to describe, the day your initial capital is given back to you, within a Bond.
What is the, Maturity Date/Date of Maturity.
This is the term used to describe how/when 401k funds transfer from one employer to another employer.
What is, Portability.
Actively managed mutual funds will always have this.
What are, fees.
Avoiding this helps you align your personal goals and financial decisions.
What is, Peer Pressure.
This is the reason fully online banks offer better interest rates.
What are, the lack of overhead costs.
As a Shareholder, you receive the right to vote in that company's actions. T/F
False, this is only sometimes the case. It depends on what type of shareholder and how much stock you own. Also note, you can only vote on "big picture" actions.
Before this age you will incur a 10% loss when withdrawing from your Roth IRA.
What is, 59 1/2 years.
DOUBLE JEOPARDY!!!!!
Gamestop is in this Asset Class.
What is, Mid Cap.
These are the expenses you should try and limit.
What are, Non-Essential Expenses.