Banking
Financial Institution owned by shareholders
Bank
An investment instrument that allows a person to own a share of a publicly traded company
Stock
What is a home loan called?
Mortgage
What does PITI stand for?
Principal
Interest
Taxes
Insurance
3 digit number that predicts credit behavior
Credit Score
Type of card used for payment that accesses your checking account
Debit Card
An investment product comprised of ownership of multiple stocks
Mutual Fund
Term for an asset pledged to a lender to secure a loan
Collateral
Standard maximum % of gross monthly income that should be allotted to monthly housing expense
30%
T or F: Mr. Lundberg thinks you should borrow money to buy a hot car because 'you're worth it!'
False
Type of card used for payment that accesses an approved limit of borrowing
Credit Card
Place where stocks & bonds are traded
Stock Market
Typical Realtor commission % range to list and sell a house
5-7%
a deposit made by a home buyer to a seller to show they are serious about completing the purchase
Earnest Money
Type of fee a bank charges for trying to conduct a transaction from your checking account for which you don't have enough money
Overdraft Fee
Term for investment value going up
Appreciation
Loan document signed by a borrower in which he/she pledges to pay a certain monthly payment, at a certain interest rate, for a certain amount of time, for a certain loan amount
(Promissory) Note
a legal document signed by a borrower in a real estate transaction that states that the home buyer will repay the home loan and the mortgage lender will hold the property’s legal title until the loan is paid in full.
Deed of Trust
The notable 'tricked out' added feature of Mr. Lundberg's first car: 1978 Toyota Corolla 4 door
Sheepskin Seat Covers
A third party app that allows you to pay and request money from friends and family
Venmo
The 5 Dave Ramsey 'Financial Freedom' Principles
1. Have to have a budget
2. Get out of debt
3. Quality Relationships
4. Save & Invest
5. Be a generous giver
the process of gradually paying off a debt with regular, fixed payments, where each payment covers both principal and interest
Amortization
A legal process where a lender takes possession of a property to sell it and recover the debt when a borrower stops making mortgage payments
Foreclosure
The 'Marshmallow Test' underscored this desirable character quality
Delayed Gratification