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8 Financial Terms You Need to Know

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    Published on June 05, 2023

    8 Financial Terms You Need to Know

    Written by Ellie Meenan

    8 Financial Terms Blog

    As you start out in life, your finances can seem overwhelming. How can you start saving money? Taking out loans? Financing a house? Before you can set attainable goals for yourself, you must have a solid understanding of some basic financial terms. That's where we can help.

    With the start of a new season, let’s review some of the basics.

    1. Zero-sum budget: Through a zero-sum budget you track every penny you earn and spend. Then you use this information to plan your spending for the future to help you start saving.

    2. Overdraft protection: Overdraft protection is a setting on your bank account that allows your debit card to be approved even if funds aren't available. There's often a fee for using overdraft protection.

    3. Credit Score: Your credit score comes from your financial history and determines your creditworthiness. This is a metric that financial institutions look at when deciding whether or not to loan you money.

    4. Tax Deductions: Tax deductions are amounts of money you can subtract from the amount you owe in taxes. You can save on your taxes through funds like your charitable donations and medical expenses.

    5. Compound Interest: Compound interest is the interest that’s calculated based on the principal amount and how often the interest is reapplied to the loan or account.

    6. Fixed-rate mortgage: A fixed-rate mortgage is exactly what it sounds like – it’s a mortgage where the interest rate is fixed over the term of the loan.

    7. Refinancing: Refinancing is changing the terms of a loan for more favorable interest rates or payment schedules for the remainder of the loan.

    8. 401k: A 401k is a retirement savings account that can only be set up by your employer. There are different kinds of 401ks (Roth and traditional) and the difference is when your money within the account will be taxed.

    Now that you have a better understanding of these basics, you can continue to learn about the world of finance and how you can be successful.

    For additional information, please reach out to www.servionfa.com or 651-631-3111.

    Registered Representative(s) of and securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA, SIPC, a Broker/Dealer and a Registered Investment Advisor. Securities and investments products are: Not FDIC/NCUSIF insured - May lose value - Not financial institution guaranteed - Not a deposit - Not insured by a federal government agency. Cetera is under separate ownership from any other named entity. 500 Main Street, Suite 100, New Brighton, MN 55112. 651-631-3111.

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    Published by Ellie Meenan
    Registered Administrative Office Manager / Cetera Advisor Networks / Servion Financial Advisors
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