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personal finance
Term | Definition |
---|---|
sinking fund | saving money over time for a large purchase |
compound interest | interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually |
emergency fund | five hundred dollars in readily available cash to be used only in the event of an emergency; to goal of the first foundation |
interest rate | percentage paid to a lender for the use of borrowed money (in debt); percentage earned on invested principal (in investing) |
five foundations | the five steps to financial success |