A credit score is a numerical representation of a person's creditworthiness and their ability to repay debt.
What is compound interest?
Compound interest is interest on interest, where the interest earned earns additional interest.
What is a budget?
A budget is a financial plan that outlines expected expenses and income for a specific period of time.
What is a credit report?
A credit report is a detailed summary of an individual's credit history and creditworthiness.
What is the difference between a debit card and a credit card?
A debit card allows you to spend money you already have, while a credit card allows you to borrow money that must be repaid with interest.
What is insurance?
Insurance is a form of risk management in which an individual or organization transfers the risk of potential loss to an insurance company.
What is a stock?
A stock is a type of investment that represents ownership in a company.
What is a bond?
A bond is a type of investment where an investor loans money to an entity (usually a company or government) for a fixed period of time at a fixed interest rate.
What is diversification?
Diversification is a risk management technique that involves investing in a variety of different assets to reduce the risk of loss.
What is a mutual fund?
A mutual fund is a type of investment that pools money from many investors to purchase a variety of different assets.
What is a 401(k)?
A 401(k) is a retirement savings plan offered by employers that allows employees to save and invest money for retirement on a tax-deferred basis.
What is a Roth IRA?
A Roth IRA is a type of individual retirement account that allows investors to contribute after-tax money and withdraw contributions and earnings tax-free in retirement.
What is a mortgage?
A mortgage is a type of loan used to purchase real estate, where the property acts as collateral for the loan.
What is a FICO score?
A FICO score is a credit score developed by the Fair Isaac Corporation that is commonly used by lenders to evaluate creditworthiness.
What is APR?
APR stands for Annual Percentage Rate and represents the total cost of borrowing, including interest and fees.
What is a credit score?
A credit score is a numerical representation of a person's creditworthiness and their ability to repay debt.
What is compound interest?
Compound interest is interest on interest, where the interest earned earns additional interest.
What is a budget?
A budget is a financial plan that outlines expected expenses and income for a specific period of time.
What is a credit report?
A credit report is a detailed summary of an individual's credit history and creditworthiness.
What is the difference between a debit card and a credit card?
A debit card allows you to spend money you already have, while a credit card allows you to borrow money that must be repaid with interest.
What is insurance?
Insurance is a form of risk management in which an individual or organization transfers the risk of potential loss to an insurance company.
What is a stock?
A stock is a type of investment that represents ownership in a company.
What is a bond?
A bond is a type of investment where an investor loans money to an entity (usually a company or government) for a fixed period of time at a fixed interest rate.
What is diversification?
Diversification is a risk management technique that involves investing in a variety of different assets to reduce the risk of loss.
What is a mutual fund?
A mutual fund is a type of investment that pools money from many investors to purchase a variety of different assets.
What is a 401(k)?
A 401(k) is a retirement savings plan offered by employers that allows employees to save and invest money for retirement on a tax-deferred basis.
What is a Roth IRA?
A Roth IRA is a type of individual retirement account that allows investors to contribute after-tax money and withdraw contributions and earnings tax-free in retirement.
What is a mortgage?
A mortgage is a type of loan used to purchase real estate, where the property acts as collateral for the loan.
What is a FICO score?
A FICO score is a credit score developed by the Fair Isaac Corporation that is commonly used by lenders to evaluate creditworthiness.
What is APR?
APR stands for Annual Percentage Rate and represents the total cost of borrowing, including interest and fees.