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Money Management

TermDefinition
Fiscal responsibility The practice of managing financial resources in a responsible and sustainable manner. This includes making informed decisions about spending, saving, investing, and borrowing money.
Personal Budget A financial plan that outlines an individual's income, expenses, and savings goals over a set period of time, typically a month or a year. It is a tool for managing personal finances and ensuring that expenses do not exceed income.
Renting The act of paying money to a landlord or property owner in exchange for the right to occupy a house or apartment.
Leasing Often used in commercial real estate or for high-end rental properties where tenants may have needs or requirements that aren't met by a standard rental agreement. This is similar to renting but usually is longer-term, typically six months or more.
Owning (a home) The act of purchasing a property outright and becoming the legal owner of the house and the land it sits on. Here, they are responsible for maintaining the property, paying property taxes, and any repairs or improvements that may be needed.
Mortgage A loan used to purchase a property, such as a house or a commercial building. The property being purchased serves as collateral for the loan, meaning that if the borrower cannot pay, the lender may foreclose on the property and sell it to recover.
Foreclosure A legal process by which a lender takes possession of a property after the borrower has stopped paying on their loan payments. The lender files a lawsuit against the borrower to force the sale of the property to recover the unpaid balance of the loan.
Fixed-rate mortgages Mortgages with a fixed interest rate throughout the loan term, which means the monthly payment remains the same. The loan term can range from 10 to 30 years.
Adjustable-rate mortgages (ARMs) Mortgages with an interest rate that can fluctuate over time, typically based on a benchmark interest rate such as the prime rate or the London Interbank Offered Rate (LIBOR).
Interest-only mortgages Mortgages that allow borrowers to pay only the interest for a specified period, typically 5 to 10 years. After that period, the borrower must start paying the principal as well.
Balloon mortgages Mortgages with a short-term repayment period, typically 5 to 7 years, with low monthly payments. At the end of the repayment period, the borrower must pay off the remaining balance in full.
Primary Bank A financial institution that an individual uses as their main financial institution for managing their day-to-day banking activities (depositing and withdrawing funds, paying bills, transferring money, and other financial transactions).
High-yield Savings Account A savings account with a higher interest rate than normal, typically offered by online banks or credit unions and may require a minimum deposit/balance to earn the higher rate. This can be useful for those saving for a goal, such as a large purchase.
Credit Union A non-profit financial institution owned and controlled by its members, typically individuals or small businesses with a connection. Usually smaller and more community-focused than banks, may offer more personalized service and better interest rates/fees.
Financial Advisor A professional who provides guidance on financial planning, managing investments, and other financial matters. They may work alone or as part of a firm, and may have certifications such as Certified Financial Planner or Chartered Financial Analyst.
Investment Account A financial account that is used by individuals/institutions to hold and manage investments, to grow their wealth. Examples are individual retirement accounts (IRAs), 401(k) plans, brokerage accounts, and college savings plans.
Online payment services Digital platforms that allow individuals and businesses to send and receive money over the internet. These services provide a fast, secure, and convenient way to transfer funds without the need for cash or checks.
Mortgage Lender A financial institution that provides loans to individuals to purchase real estate. This may be a bank, credit union, or other financial institution that specialize in loans to purchase homes and real estate.
Insurance Provider A company/organization offering insurance policies to individuals or businesses to protect against financial losses. They offer a wide range of policies, including health insurance, life insurance, property and casualty insurance, and liability insurance.
Interest The cost of borrowing money or the compensation paid to an individual or institution for lending money. When someone borrows money, they agree to pay this on the amount borrowed as a percentage of the loan or principal amount over a specified period.
Wire Transfer An electronic method of transferring money between two individuals or financial institutions, often to send money quickly and securely to an individual or business in another location or country.
Overdraft fees Charged when an account holder spends more money than they have in their account, the fee typically ranging from $25 to $40 per occurrence.
Extended overdraft fees Charged when an account remains overdrawn for an extended period, typically ranging from $5 to $10 per day.
Overdraft protection transfer fees Charged when a bank transfers money from a linked account, such as a savings account, to cover an overdraft.
Fraud protection The measures and strategies put in place to safeguard individuals from becoming victims of financial fraud. Financial fraud occurs when someone obtains money, goods, or services through deception or misrepresentation.
Late payment fees Charged when a cardholder fails to make the minimum payment by the due date.
Over-limit fees Charged when a cardholder exceeds the credit limit of their card.
Cash advance fees Charged when a cardholder takes out cash using their credit card.
Annual fees Charged for the privilege of owning a credit card and accessing its benefits.
Foreign transaction fees Charged when a cardholder makes a purchase in a foreign currency.
Created by: mg999
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