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TermDefinition
Why save? to have funds available to meet a financial emergency Allows you to achieve financial goals
savings account account used for saving money. You can earn interest.
desposit money that you put into your account
withdrawal money that you take out of your account
interest a sum of money that is paid for use of another's money. It is usually expressed as a percentage of the amount of the amount deposited
compound interest interest based on the amount of money you deposit plus interest that has accrued on your deposit
principle the amount of money you have in your account that is earning interst
commercial banks offers customers a full range of financial conveniences and services
savings and loan associations known for lending money to homebuyers. They pay slightly higher interest rates then commercial banks
credit union a bank for people that are part of the same organization
passbook account you can make withdrawals and deposits at anytime. Lower interest rates.
liquidity refers to an asset that can be easily converted into cash
Certificate of deposits saver agrees not to withdrawal money during that period of time. In return the bank pays a higher interest rate Not as liquid as other savings accounts.
money market a minimum balance is required
savings bond can be purchased through the governments website. When you buy this, you are lending money to the goverment
investments setting aside money for long term goals
pension plans a retirement plan funded partly by a employer or union
401k plan employers may match this contribution to a specific amount or percentage of your salary
IRA a personal retirement account where you can put a limited amount of money each year
FDIC FDIC protects each account up to 250,000 dollars
Investing is the process of using money not required for personal and family needs to increase overall financial worth. long-term financial strategy
Created by: RubySerenity
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