Income
All the money you bring in. This includes salaries, wages, dividends, and other sources of cash inflow.
Income
Income left over after spending
Savings
A fund used to pay for unexpected expenses.
Emergency Fund
Credit
A spending plan based on a person’s or family’s income and expenses.
Budget
Initial amount of income before deductions
Gross Income
Measures how quickly the prices of goods and services are rising.
Inflation
This number is used by lenders to determine how much they charge you for interest on loans.
Credit Score
Expenses that change from month to month (like food, entertainment, or vacation).
Variable expenses
These taxes are taken out of your paycheck by the federal government and used to provide income to elderly people.
Social Security
An investment that is a share of ownership in a corporation.
Stock
A non-profit membership organization that offers checking accounts, savings accounts, and loans.
What is a credit union?
Expenses that do not change from month to month (like rent, mortgage, or car payment).
Fixed Expenses
These taxes are taken out of your paycheck and used to pay for elderly people's health care.
Medicare
Purchasing assets, usually financial products (stocks, bonds, etc) to earn a return on the money invested. Aims to increase an individual's wealth.
Investment
This type of loan has no interest if paid back after a month. If you're stupid enough not to pay it back in a month, you pay compound interest compounded monthly.
Credit Card Loan
What categories make up the 50/30/20 budgeting strategy?
Needs (50%), Wants (30%), Savings (20%)
Amount of your income that remains after deductions are made
Net Income
This is a type of tax deferred retirement account that you control. You don't pay taxes on the income from it until after you retire.
IRA
To determine this, you need to consider: how much you need to save and how much time you'll have to save it.
This includes all the records of loans you have taken out and paid back over your life.
Credit History