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Top Terms: Five Vocabulary Words Every Woman Should Know About Money
Note: Guys Should Know These, Too!
Lingo. Terminology. Vocab.
We all need to learn the Language of Money, if only so we know what it is that we are reading when the statement comes in the mail, or so that we understand the term sheet and the portfolio. Knowledge is power, and it starts with money smarts and financial security. You should know your financials from your fiduciaries. There’s a lot of lingo, but here are five things to get you started.
Withholding
Get this one straight from the start, or Uncle Sam will straighten it out for you. This is how much money you set aside each paycheck to cover your State and Federal taxes each year. You should base this amount on how many dependents you have. There used to be a number of allowances, but the tax line has been streamlined somewhat. It’s best to set up your monthly withholding to come out of your paycheck, so that, come April, you’re not surprised with a giant amount owed.
FICO Score
FICO is an acronym for the Fair Isaac Corporation. They’re the ones who came up with the notion of rating people based on their ability to pay bills on time. Okay, no, it’s more than that. Your FICO score is your credit rating, though…
