MoneyU Glossary of Terms


MoneyU Glossary of Terms


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SAVINGS

Financial Health

This is a description of your overall financial situation. To take a closer look at your financial health, you consider the amount of money you make each month, if you own a home or other valuables, any investments you may have, and the amount of debt you carry. For example, if you own a home, have a small mortgage, and have very little credit card debt, you are in good financial health.

Future Value

The amount that a sum of money will grow to in the future as a result of interest.

Household Income

Income from all sources including wages, commissions, bonuses, alimony, child support, Social Security/retirement benefits, unemployment compensation or disability, dividends and interest. Look at your last federal income tax return for your income sources.

Income

A person's total earnings from employment, investments and dividends.

Individual Retirement Account (IRA)

A deposit or investment account that provides tax benefits to help accumulate funds for retirement.

Inflation

An upward trend in prices; the opposite of deflation.

Insured Deposit Account

An account at a bank or credit union that is insured against loss of up to $100,000.

Joint Account

A bank, credit union, or brokerage account owned by more than one individual. Either party may transact business. Accounts can be with or without survivorship rights. State laws vary on rights of survivorship for this kind of account. Some states may or may not automatically apply survivorship rights to joint owners; some states look to the wording of the contract when the account was opened.

Money Market Mutual Fund

A highly liquid investment that pays a short-term rate of return.

Net Income

Individuals: Net income is the amount of income left after all deductions and taxes. Corporations: Net income is a company's profit for a given period of time after it pays taxes and all other expenses.

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