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"Financial literacy is the education & understanding of knowing how money is made, spent, & saved, as well as the skills & ability to use financial resources to make decisions. These decisions include how to generate, invest, spend, & save money." (MyAccountingCourse 2020)
"Financial literacy is the education & understanding of knowing how money is made, spent, & saved, as well as the skills & ability to use financial resources to make decisions. These decisions include how to generate, invest, spend, & save money." (MyAccountingCourse 2020)
Some Basic Terms:
Asset:
An item with economic value, such as stock or real estate.
Budget:
A plan that outlines what money you expect to earn or receive (your income) & how you will save it or spend it (your expenses) for a given period of time.
Asset:
An item with economic value, such as stock or real estate.
Budget:
A plan that outlines what money you expect to earn or receive (your income) & how you will save it or spend it (your expenses) for a given period of time.
...
Capital gain:
The profit that comes from selling an investment for more than you paid for it.
Capital loss:
The loss that comes from selling an investment for less than you paid for it.
Capital gain:
The profit that comes from selling an investment for more than you paid for it.
Capital loss:
The loss that comes from selling an investment for less than you paid for it.
...
Comparison Shopping:
The practice of comparing prices, features, benefits, risks and other characteristics of two or more similar products or services
Consumer:
A person who buys or receives goods or services for personal needs or use, and not for resale
Comparison Shopping:
The practice of comparing prices, features, benefits, risks and other characteristics of two or more similar products or services
Consumer:
A person who buys or receives goods or services for personal needs or use, and not for resale
...
Dividend:
A portion of a company's profit paid to share holders
Inflation:
This occurs when the prices of goods & services increase over time
Investment:
Something you spend your money on that you expect will earn a financial return.
Dividend:
A portion of a company's profit paid to share holders
Inflation:
This occurs when the prices of goods & services increase over time
Investment:
Something you spend your money on that you expect will earn a financial return.
...
Liability:
Something that is a disadvantage, money owed, or a debt or obligation according to law
Liquidity:
A measure of the ability and ease with which you can access and use your money.
It is based on the ability to easily turn assets or investments into cash
Liability:
Something that is a disadvantage, money owed, or a debt or obligation according to law
Liquidity:
A measure of the ability and ease with which you can access and use your money.
It is based on the ability to easily turn assets or investments into cash
...
Share:
A unit of ownership, often in a companies stock or in a mutual fund
Stock:
A type of investment that gives people a share of ownership in a company
SMART Goal:
A goal that is Specific, Measurable, Attainable, Relevant & Timebound
Share:
A unit of ownership, often in a companies stock or in a mutual fund
Stock:
A type of investment that gives people a share of ownership in a company
SMART Goal:
A goal that is Specific, Measurable, Attainable, Relevant & Timebound
...
Supply:
How much of a product is available to buy at any given time
Tariff:
A tax on products imported from foreign countries. This tax can increase the cost of those products, which can be passed on to consumers as higher prices
Supply:
How much of a product is available to buy at any given time
Tariff:
A tax on products imported from foreign countries. This tax can increase the cost of those products, which can be passed on to consumers as higher prices
...
The most important
Profit:
Money that is made in a business after all the costs and expenses are paid
(CFPB 2020)
Add to this thread, all things Financial Literacy...
The most important
Profit:
Money that is made in a business after all the costs and expenses are paid
(CFPB 2020)
Add to this thread, all things Financial Literacy...
