Personal Finance Concepts

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Personal Finance

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All the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time

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Consumer

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A person or organization that uses a product or service

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Debt

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Money owed to another person or company

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Paycheck to Paycheck

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An expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

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Credit

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The granting of a loan and the creation of debt; any form of deferred payment

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Interest Rate

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The percentage of principal charged by the lender for use of its money

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Loan Shark

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Person or entity that charges borrowers interest rates above an established legal rate

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Interest

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The additional cost a lender charges for borrowing their money

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Financial Plan

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A plan of action that allows a person to meet not only their immediate needs but also their long-term goals

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Net Worth

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The amount by which the value of a person’s assets exceeds or falls behind the value of their liabilities