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Glossary of Terms

Garnishment is when a court of law orders your employer to hold back some of your wages so that the money can be sent to the court to pay someone who has won a lawsuit against you. Garnishment occurs most often after a divorce, when a lawsuit is filed to get unpaid money...
A will is a legally enforceable document that you should have prepared by an attorney that tells everyone how you want all your assets distributed after you die. Many people put off preparing a will for as long as they can. However, if...
Identity theft is when someone gains access to your important personal details, such as your Social Security number, and then uses those details to perform illegal financial transactions while pretending to be you. These...
This is the interest rate charged by a depository institution (essentially banks and savings and loans...
This is the name given to the process whereby your employer automatically deducts, or withholds, money from your paycheck to pay for various expenses. Some deductions are compulsory, such as any applicable...
When you buy an asset, the amount you paid for it is known as your cost basis. You can then use the cost basis to calculate if your investment has gained or lost; any profit you make on a sale of the asset could...
This is an insurance term that means you are acting like your own insurance company and bearing a loss or part of a loss yourself. For...
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