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Financial words shouldn't feel intimidating. Explore clear definitions and practical ideas for organizing your money, understanding retirement concepts, and learning about life insurance.
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A little more clarity.
A lot more confidence.PROTECTION WITH PURPOSE
A lot more confidence.PROTECTION WITH PURPOSE
Explore 34 plain-language terms across three topics.
EXPLORE THE BASICS
Everyday finances
Learn the building blocks of a flexible, realistic family money plan.
Budget
A plan for how money coming in will be used for needs, obligations, savings, and goals.
Take-home pay
The amount received after taxes and other paycheck deductions, often called net pay.
Fixed expense
A cost that usually stays consistent, such as rent or a set loan payment.
Variable expense
A cost that can change from month to month, such as groceries, utilities, or fuel.
Sinking fund
Money set aside gradually for an expected future expense such as vehicle repairs or holiday spending.
Emergency fund
Savings intended for unplanned necessary expenses or a temporary loss of income.
Cash flow
The timing of money coming into and going out of a household. A budget can balance overall but still have a cash shortfall before payday.
APR
Annual percentage rate. On loans, it generally reflects the yearly cost of credit including certain fees; check the loan agreement for how it is calculated.
Principal
The amount of a loan that is still owed, apart from accrued interest and fees.
Extra principal payment
An additional payment applied to reduce a loan's outstanding principal, when the lender and loan terms permit.
Debt snowball
A payoff approach that generally targets the smallest balance first, while paying required amounts on other debts.
Debt avalanche
A payoff approach that generally targets the highest interest rate first, while paying required amounts on other debts.
EXPLORE THE BASICS
Retirement basics
Explore the vocabulary behind long-term savings and retirement accounts.
401(k)
An employer-sponsored retirement savings plan that may allow payroll contributions and, sometimes, employer matching.
Traditional IRA
An individual retirement arrangement where contributions may be deductible and eligible withdrawals are generally taxable under applicable rules.
Roth IRA
An individual retirement arrangement funded with after-tax money; qualified withdrawals can be tax-free when requirements are met.
Employer match
A contribution an employer makes to a workplace retirement account based on its plan's rules and eligible employee contributions.
Compound growth
Growth earned on both the original amount and previously accumulated earnings; returns are not guaranteed.
Asset allocation
How money is divided among different kinds of investments. Different allocations can have different risks and returns.
Beneficiary
A person or entity designated to receive benefits or assets when the owner dies, subject to plan or account rules.
Vesting
The rules determining when employer-provided retirement contributions fully belong to the employee.
Required minimum distribution (RMD)
A withdrawal certain retirement account owners may be required to take under applicable tax rules; timing and exceptions vary.
Inflation
A general increase in prices over time that can reduce the purchasing power of money.
EXPLORE THE BASICS
Life insurance basics
Understand common coverage types and policy terms before making decisions.
Term life insurance
Coverage designed for a specified period. It generally does not build cash value; contract terms, conversion options, and renewals vary.
Whole life insurance
A type of permanent life insurance generally designed to provide lifetime coverage if contract conditions are met and premiums are paid, often with cash value features.
Universal life insurance
A form of permanent life insurance with features that may allow flexibility in premiums or death benefits; charges and policy performance matter.
Premium
The amount paid to keep a policy in force under its terms.
Death benefit
An amount payable to eligible beneficiaries when an insured person dies, subject to the policy's conditions, limitations, and exclusions.
Cash value
An amount that may accumulate in certain permanent policies, according to the contract. Accessing it can reduce benefits or have costs.
Underwriting
The insurer's process for evaluating an application and determining eligibility and pricing.
Rider
An optional or included policy provision that changes coverage terms, benefits, or costs.
Exclusion
A situation or event the policy says is not covered; exact exclusions vary by policy and jurisdiction.
Policy lapse
When coverage ends because policy requirements, such as premium payments or sufficient policy value, were not met.
Conversion privilege
A contractual option on some term policies to convert to a permanent policy under specified conditions.
Insurable interest
A legally recognized reason for having an insurance interest in the insured person's life; requirements vary by state and situation.
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PUT IDEAS INTO PRACTICE
Plan at your own pace.
Try our free browser-based Family Financial Planner preview to explore budgets, bills, loan payoffs and family events. The full private-account app is still being developed.
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