Insurance
The recommended type of life insurance that anyone with dependents should purchase
What is term life insurance?
The due dates for Federal and Virginia tax filing this year.
When are April 15th and May 1st?
What is a mutual fund (or index fund or ETF)?
The term for a financial professional who DOES have a legal obligation to pursue your best interest, as opposed to most financial professionals.
What is a fiduciary?
This psychological effect refers to the pathway that humans often take as they enter a new area of practice or knowledge. One notable stop on the pathway is sometimes called the Peak of Mount Stupid
What is the Dunning-Kruger effect?
This type of life insurance is one of the most aggressively sold types on the market due to its high commission fees for agents.
What is whole life insurance? (AKA Universal and cash life insurance policies)
What is $14 million dollars per individual?
This accounts for why passively managed mutual funds out out-perform actively managed mutual funds in the long-term.
What are fees?
The fee structure for financial professionals with the best incentives for the consumer (you).
What is a flat rate or hourly rate fee structure?
This term refers to very unlikely events of devastating negative consequence, such as the odds of being involved in a bank robbery. Humans are notoriously poor at accounting for these.
What is a black swan?
This type of insurance serves as backstop in case other types of insurance policies are maxed out in the event you are found liable.
What is umbrella insurance
You must pay this many pennies in federal income tax out of every additional dollar earned about $250,525.
What is 35 (the second highest tax bracket)?
The major difference regarding application of taxes between Roth accounts and conventional retirement accounts (e.g. 401k).
What is taxing of contributions vs withdrawals?
The usually unmeasured portion of the cost of a purchase which refers to what the money could have been spent on instead of the purchase.
This term refers to the psychological phenomenon in which we all (at least in some ways) get used to our standard of living regardless of how rich or how poor we are.
What is hedonic adaption (or the hedonic treadmill)?
The key aspect of a disability insurance policy that differentiates the Big 5 from other companies offering disability insurance
What is definition of disability (or own-occupation language)?
The most fundamental difference between being a W-2 employee and a 1099 contractor.
Which party is responsible for insurance and expenses?
The term for financial activities in which there is not significant historical data to suggest an expected positive return (investing) or an expected negative return (gambling).
What is speculation?
These disability and life insurance policies are known for being free or cheap but very low quality and unreliable.
What are employee-offered insurance policies?
This young author is widely considered the most gifted writer in the personal finance space and is particularly known for using stories and illustrations to illuminate financial knowledge.
Who is Morgan Housel?
This term refers to the key portion of malpractice insurance coverage, covering claims made after the active coverage has ended retroactively for the time of active coverage.
What is tail coverage?
The number of years (rounded to the nearest whole number) it will take for a $1,000,000 portfolio to double in value if it performs at the average performance of the S&P 500 index.
What is seven?
The expert recommended guideline for the maximum percentage of your gross income which should be spent on housing (including rent/mortgage and utilities).
What is 30%?
This psychological effect is named after a French intellectual whose financial situation was elevated from poverty by a wealthy patroness before collapsing under the influence of a red, silk dressing robe.
What is the Diderot effect?