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FICO Credit Score: A score between 300 and 850 that measures how likely
you are to repay a loan. >600/650 will get you a loan >700 Loans still
competitively priced >750 Best terms. Higher FICO scores mean lower
interest rates.
Mutual Fund A pool of assets (stocks, bond and other securities) owned by a
group of investors and owned by a professional investment company.
Hidden Fee in Mutual Fund: 12B1 Fee, Internal Expense Fee
Net Worth = Assets (cash, stocks, home, car) Liabilities (loans, mortgages,
credit card balalnces)
Emerging Market: An emerging market is a country that has some
characteristics of a developed market, but does not meet standards to be a
developed market. An economy with low to middle per capita income.
o China
o India
o Russia
o Turkey
o S. Korea
o Poland
o Taiwan
o Indonesia
o Brazil
o Mexico
Benefits of a 401K:
o Matching Contributions: Many employers will match a portion of your
savings. Its basically free money
o Tax-Deferred Earnings: your contribution comes out of your paycheck
before income taxes are deducted. That means your taxable income is
less (tax break!)
o Loans: borrow from your account for specific reasons
o Tax Deferred Growth
If your credit card is stolen provided you inform company within 48 hrs then
max loss is usually $50. You can also contest unauthorized credit card
payments
Debit cards are convenient and interest free but avoid using it for online
purchases, tickets, hotels, car rentals
ETF Like a mutual fund but fees are less, trade during the day and can
purchase a smaller number of shares