A company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents an investor’s part ownership in the fund and the income it generates.
Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
The idea that you are less likely to be careful when you are shielded from the consequences of your actions.
A money order can be used instead of a check. You can buy a money order to pay for a business or other party.
A federally insured account at a bank or credit union that offers a higher rate of interest than a savings account, allows for a limited number of transactions monthly, and may require a minimum deposit or minimum account balance.
A service that allows you to use your smartphone or tablet to manage your bank or credit union account without the aid of a teller. Generally, you can deposit checks into your account using this service, but not cash.
The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.
The date that an investor’s investment is to be paid back in full in accordance with its agreement. A certificate of deposit (CD) contains a maturity date provision obligating the financial institution to repay an investor sum invested plus interest on a specified date.
Letters that look real but contain fake promises. A common warning sign is a letter asking you to send money or personal information now to receive something of value later.
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