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Adjusted Budget Map

Household budget adjusted to meet the goal of living below your means or on 50% or less of your net income; this serves as the guide to Destination: Financial Wellness

Annual Expenses

The expenses for a year, i.e., monthly expenses times 12 months

Appreciable Assets

Items that increase in value over time


Cash and items that have economic value and can be sold for cash

Authorized User

A person who is granted access to use available funds, typically on a credit card, with no restrictions

Bad Debt

Loans used to make purchases on items that depreciate in value (i.e., vehicle, boat, water vehicles, motorcycles, computer, etc.)


A plan for how much money is available to spend and how it will be spent

Budget Map

Unadjusted (as is) household budget (monthly or annually)

Cash Value

The amount of cash accumulated to withdraw or borrow against in insurance policies such as whole or universal life (Note: term insurance policies do not accumulate cash value)

Checking Accounts

Depository instruments that allow check writing, bill paying, and withdrawals; usually available at financial institutions such as banks, credit unions, etc.


When a creditor transfers a past due account from normal account processing to a collection department or collection agency in an effort to collect the delinquent balance (in the meantime, the creditor will close the account and report it as a collection to the credit bureaus which lowers credit scores by 70-135 points)

College Savings

Money saved for college expenses either in a savings account or investments such as 529 plans

Co-signed Loans

The act of guaranteeing another person's debt and making a legal obligation to pay the debt in the event the primary borrower is unable to do so. This action usually enables the primary borrower to obtain credit


An additional signature on a loan that obligates that person to pay the debt if the primary borrower is not able to pay, this loan is a part of the co-signer's credit report


(1) The borrowing capacity of an individual (2) When an individual pays for something with a loan

Credit Report

A detailed report of an individual's credit history, identity information, lines of credit, loans, level of borrowing, bankruptcies, late payments, and inquiries prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

Credit Score

A three digit value that indicates an applicant's creditworthiness used by lenders to determine loan approval or extension of credit


The amount of money owed, e.g., vehicle loans, credit cards, mortgages, credit lines, student loans, etc. (This does not include utilities, phone, cable, internet, or any other expense that can be terminated immediately)

Debt Obligation

The amount of money owed, e.g., vehicle loans, credit cards, mortgages, credit lines, student loans, etc. (This does not include utilities, phone, cable, internet, or any other expense that can be terminated immediately)

Debt Reduction Plan

The process of paying off your debts using the snowball method which entails paying an amount above the minimum payment on one loan at a time (usually starting with the highest interest loan) while making the minimum payments on all others

Depreciating Asset

An asset that decreases in value over time


Monetary or tangible gifts given to organizations

Emergency Funds

Cash in a savings or money market account used for unexpected expenses

Ending Net Income

Net income plus total savings and investments i.e., money contributed to workplace retirement accounts, retirement accounts outside of the workplace (IRA or Roth accounts), stocks, mutual funds, bonds, savings accounts, etc.


Refers to the cost of money spent in payments on items such as utilities, phone, cable, internet, gas, cell phones, etc. on a monthly or annual basis

Financial Coach

An objective or unbiased person or firm that helps you make the right financial decisions, throughout the course of your journey (this person or firm has no "dog in the fight" and will offer you advice, education, wisdom, and truth; they have no strings attached)

Financial Infidelity

The act of not discussing or sharing financial decisions with your partner or spouse (i.e., credit card usage, new debt, excess spending, helping family member, etc.)


A business whose primary goal is to make more money that it spends, ultimately to provide a return to the business' owners

For-Profit Business

A business entity that is profitable after subtracting expenses from sales (income)

Good Debt

Loans used to make purchases that will increase your income (i.e., student loans), increase your net worth (i.e., start a business), or increase your appreciable assets (e.g., a home)

Home Equity Line of Credit

A credit line against the equity in your home or real estate property; open-ended loans that work like a credit card meaning that you have a predetermined credit line and are free to use that at any time as long as credit is available

Home Equity Loans

Collateralized loans against the equity in your real estate, these loans are structured as fixed, termed, and amortized over a specific time frame (other equity loans include home equity lines of credit)

Insurance Premiums

Payments to insurance companies for insurance policies such as vehicle, life, health, and dwellings

Investment Advisor

A paid, licensed, investment securities professional who makes recommendations, provides advice and analyses, manages investment portfolios and provides performance reports for individuals, corporations, and government entities

Investment Properties

Real estate rental properties purchases to earn rental income or capital appreciation (residential or commercial)

Investment Securities

Products/Investments that have been purchased as an investment such as stocks, mutual funds, and bonds


Products/investments that have been purchased as an investment such as stocks, mutual funds, and bonds


A decision by the court to allow a creditor to collect an unpaid debt by means of wage garnishment, freezing bank accounts, withdrawing money from bank accounts without permission from the customer, etc. (the judgement is also reported to the credit bureaus and can lower credit scores by 85-160 points)

Liquid Assets

Assets that are easily liquidated or assessable such as cash, money market, savings funds, retirement funds, and investment securities

Living Above Your Means

Expenses are 80% or more of net income

Living Below Your Means

Expenses are 50% or less than net income

Living Within Your Means

Expenses are greater than 50% but lower than 80% of net income


A person or household with a net worth of at least one million dollars

Money Market Accounts

An interest-bearing deposit account that typically pays a higher interest rate than a savings account, and offers limited check-writing; serves as both a savings and checking account; in most cases it requires a higher balance than a savings account

Monthly Expenses

The amount of money you are spending each month to fund and maintain your lifestyle or financial quality of life; this number is clearly defined in the budget map


The amount of money borrowed to purchase real property such as a personal residence or investment property

Net Income

The amount of money shown on your paycheck or deposited in a financial account each pay period excluding deductions for taxes, social security, insurance, retirement account contributions, loan payments, savings deposits, or other deductions

Net Worth

The difference between assets minus debts, what you are worth on a specific day; this number indicates what "your signature" is worth

Net Worth Industry Standard

What your net worth should be given a person who is equipped with basic financial management skills and has made solid financial decisions to this point in their financial career (a minimum amount of net worth based on current age and current gross income levels)


An organization formed for the good of the public and which does not generate a profit for stockholders

Non-Profit Business

A business entity that uses excess funds to further its purpose instead of savings or investing for the benefit of the directors or staff

North Star

Your financial destination once your earning/work years are over; the amount of money including investments, savings etc. that is accumulated to fund your retirement years

Personal Financial Statement (PFS)

The list of your assets and debts on a specific day

Personal Residence

The primary home or property a person inhabits or resides in

Personal Seat License

The ownership of seats at a sports or event venue; you own the rights to that seat(s) and ownership can be passed down as an inheritance or sold for current value; owners pay a one-time fee for the license but have to pay for tickets to each event


The block of time (earning years) before full retirement begins

Real Estate Tax Assessment

The assessed value of your property determined by the local assessor, used to determine the amount of local taxes owed each year

Real Estate Taxes

Local and state taxes associated with owning property and/or a dwelling


The block of time after a person's earning or working years when full retirement begins and ends

Retirement Accounts

Accounts that allow participants to save and invest funds for retirement, available through the workplace as well as outside with accounts such as IRA's and Roth accounts

Road Map

See budget map

Savings Accounts

Depository accounts at an insured bank or credit union that earn a modest interest rate, withdrawals are often limited

Secured Credit Card

A credit card collateralized or guaranteed by cash (from the borrower) that is deposited into a savings account at the financial institution who issued the credit card so that if the borrower defaults on the loan, the cash will be used to pay off the balance posing no risk to the financial institution

Term Insurance

This is the cheapest type of life insurance that is effective for a specified period or specific age of the insured; upon death, it pays the face value of the policy if the insured passes away in the specified time period of coverage


A form of shared property ownership, commonly in vacation or recreation condo property (in most cases, owners have rights to the use of property for a week or specified time period each year)

Ugly Debt

Loans used to make purchases that will not likely increase your assets such as credit cards, title loans, payday lenders, leases, etc.--these loans typically carry high interest rates and fees

Unsecured Credit Card

A line of credit issued by a financial institution to the borrower that is only secured by the promise to pay--if the borrower fails to pay the outstanding balance, the financial institution will have to write-off the balance as bad debt

Whole Life/Universal/Permanent/Straight Life Insurance

Life insurance that covers an individual until death; builds cash value (surrender value) that can be withdrawn or borrowed against, premium remains constant in most cases but can be more costly than term insurance, withdrawals and loans can impact the amount of death benefits paid


The amount of employee wages that's not included in an employee's take home or net pay and is ultimately submitted to tax authorities; withholding reduces the amount of taxes employees must pay when they submit their annual tax returns

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