Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.

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cHaracter
cApacity
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Saving is setting aside money you don't spend now which can be used for later.

Investing is buying something with the expectation that it will make money for you.

Tells bank which account to use for funds.

1. Auto
2. Property
3. Renters'
4. Homeowners'
5. Liability
6. Fidelity Bonds
7. Unemployment
8. Disability
9. Health
10. Workers' compensation
11. Life

Instant gratification is buying something now without keeping in mind how much money it costs, while delayed gratification is saving money to buy an even better item.

1. Paid Leave
2. Health Insurance
3. Retirement Savings Plan
4. Life + Disability Insurance
5. Tuition Assistance
6. Training + Professional Development

1. Money Market Deposit Account (MMDA)
2. Savings Account
3. Certificate of Deposit
4. U.S. Savings Bond
*all can be attained at any bank/credit union except for a U.S. Savings Bond which can be purchased from U.S. Treasury online*

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Insurance Policy — A contract detailing the terms and conditions of a contract of insurance.
Policyholder — A person or group in whose name an insurance policy is held.
Coverage Limit — The maximum amount of money an insurance company will pay you for a covered loss.
Conditions — The part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy.

Credit is buying now and paying later. Interest is the amount you pay to use someone else's money.

It is the Employee's Withholding Allowance Certificate and it allows your employer to deduct money from your paycheck and you can file a tax return to get the money back.

An asset is usually a material object that can be used as collateral and puts money in your pocket. A liability is something like a loan which can take money out of your pocket.

Savings:
- Not for everyday spending
- Intended for saving money so it might earn interest over time
- Higher interest rates
- No limit to number of deposits

Checking:
- For everyday money transactions or online transactions
- Typically earn little to no interest
- No limits to number of withdrawals

Claim — A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

Claims Adjuster — An insurance agent who assesses the amount of compensation that should be paid after a person has made a claim on their insurance policy.

Insurance Settlement — The payment that proceeds by an insurance company to the insured to settle an insurance claim within the guidelines stipulated by the insurance policy.

Premium — The amount of money an individual or business pays for an insurance policy.

Deductible — The amount of money you will pay in an insurance claim before the insurance coverage kicks in and the company starts paying you.

Expenses are what you spend money on. Three types are fixed, variable, and periodic.

Four-year colleges, Two-year colleges, Apprenticeships, and the U.S. Military.

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Overdraft fee: a fee charged when a withdrawal from an individual's bank account exceeds the available balance.

Example: You have 10$ and buy a shirt for 30$ and you get charged an overdraft fee.

Avoid — avoid taking on risk.

Reduce — reduce the possibility of a negative impact.

Accept —accept the potential or actual negative consequences of risk.

Share — share financial resources with someone else to prepare for the possible need to cover a loss.

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1. Bigger salary allows you to reach your financial goals quicker and easier.
2. Experience at each job affect future jobs and pay.
3. How much you like your job affects your health and happiness.
4. Lifestyle; job affects how much time you'll have for friends and family.
5. Money management; happy people in happy jobs are less likely to overspend.

$1815.85

Provide same services but credit unions are owned by non-profit organizations.

Insurable Interest — There must be the potential for you to have direct financial loss if something happens to the insured item or person.
Numerous — Many people must have a similar risk.
Specific Loss — Any potential loss must have a definite time, place, and cause.
Unintentional and Unexpected — You can’t buy flood insurance as the hurricane approaches or purposely smash your own car to collect insurance money.
Reasonable Cost — Risks that are too high, too trivial, or too frequent would cost a fortune to insure.
Estimable — Must be able to calculate both the probability and dollar value of your loss.