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Money Management

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Term
Definition
Fiscal responsibility   show
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Personal Budget   show
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show The act of paying money to a landlord or property owner in exchange for the right to occupy a house or apartment.  
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Leasing   show
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Owning (a home)   show
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show 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.  
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Foreclosure   show
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show 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.  
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Adjustable-rate mortgages (ARMs)   show
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Interest-only mortgages   show
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Balloon mortgages   show
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Primary Bank   show
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High-yield Savings Account   show
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show 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.  
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show 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.  
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Investment Account   show
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show 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.  
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show 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.  
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Insurance Provider   show
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Interest   show
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show 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.  
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show Charged when an account holder spends more money than they have in their account, the fee typically ranging from $25 to $40 per occurrence.  
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show Charged when an account remains overdrawn for an extended period, typically ranging from $5 to $10 per day.  
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Overdraft protection transfer fees   show
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show 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.  
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Late payment fees   show
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Over-limit fees   show
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Cash advance fees   show
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Annual fees   show
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show Charged when a cardholder makes a purchase in a foreign currency.  
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