Categories Personal Finance

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401(k)

A 401(k) is a retirement plan offered by for-profit corporations allowing employees to save pretax income.

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403(b)

A 403(b) is a retirement plan offered by some nonprofit organizations, similar to a 401(k) plan.

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Annuity

An annuity is a contract sold by insurance companies that traditionally is used to provide a sequence of payments to the holder.

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Asset

In financial terms, an asset is an item with exchange value.

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Asset Allocation

Asset allocation refers to the strategy of investing in multiple asset classes to reduce risk of loss.

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Bankruptcy

When someone has more debt than he/she can pay, he/she may file for bankruptcy.

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Beneficiary

A beneficiary is a person or other legal entity who receives money or other benefits from a benefactor.

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Broker

A broker is an individual who purchases or sells assets for other individuals or businesses.

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Budget

A budget is a financial plan that includes an itemized list of expected income and expenses.

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Capital Gain

A capital gain is profit from the sale of an investment asset (such as real estate or stocks).

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