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| Personal Finance | a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement |
| Consumer | buys goods or services primarily for consumption and not for resale or for commercial purposes. |
| Debt | Anyone having borrowed money or goods from another owes a debt and is under obligation to return the goods or repay the money, usually with interest |
| Paycheck to Paycheck | is an informal expression describing one's inability to pay for living expenses due to the loss of income or inability to budget. |
| Credit | transaction between two parties in which one (the creditor or lender) supplies money, goods, services, or securities in return for a promised future payment by the other (the debtor or borrower). |
| Interest Rate | is the monetary charge for borrowing money—generally expressed as a percentage, such as an annual percentage rate (APR) |
| Loan Shark | a person who – or an entity that – loans money at extremely high interest rates and often uses threats of violence to collect debts |
| Interest | is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned |
| Financial Plan | is a document that details a person’s current financial circumstances and their short- and long-term monetary goals |
| Net worth | is the value of the assets a person or corporation owns, minus the liabilities they owe. It is |
| assets | a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit |
| liabilities | is something that is owed to somebody else |
| positive net worth | assets exceed your liabilities |
| Negative net worth | results if total debt is more than total assets. |
| net income | refers to the amount an individual or business makes after deducting costs, allowances and taxes. |
| expenses | a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income |
| Financial Literacy | he ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing |
