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Glossary of Terms

At work, your employer will probably provide the staff with some employee benefits. A cafeteria plan is a type of employee benefit plan that offers you a choice of between cash (which is taxable) and at least one other...
While refinancing is usually associated with a mortgage (see Refinancing [Mortgage]), car loans can be refinanced as well. It's usually a cheaper...
Power of attorney is when you give legal authority to someone else to act on your behalf for certain specified things in particular or for things in general. This can only be done in writing and with a witness; you can't simply say to someone that he or she has power of...
In insurance, a loss is when something you own is damaged, destroyed, or lost. If your car is stolen, that's a loss. If your house is damaged by fire, that's also a loss. Not all losses will be covered by your insurance, but if you...
This is a tax imposed by most states and some counties and added on when you buy certain goods. If a sweater costs $25 and the sales tax is 5%, you will pay an extra 5%, or $1.25, for a total of $26.25. Note that a sales tax is a...
This means converting something from a weekly or monthly basis or even a daily basis to a yearly (annual) basis. So if an interest rate is 1 percent a month,...
Pretax means the amount of money that individuals or companies have, or earn, before they pay tax. After paying tax, they have less money than before, known as after-tax. See also...
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