Personal Finance Glossary

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Personal Finance

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how you manage your money

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Income

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money received from work, investments, or other financial support

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Minimum wage

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the lowest wage permitted by law; in the U.S. –$7.25 an hour, in Georgia–$7.25 an hour

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Commission

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money earned as a percentage of a sale or service

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Mortgage

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house payment

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Wage or Salary

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terms for work-related financial earnings

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Budget

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a plan for spending and saving one’s income

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Expenses

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financial obligations, such as bills

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Savings

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money set aside for later use or in case of emergencies

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Debt

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money owed