Money Management Guide

10 Most Important things

Commercial Bank

A depository institution that is open to everyone, and is there to make money. They are also there to give you a lot of financial services.

Credit Union

A depository institution that is open to a select cliental who are their members. They are a nonprofit organization. They also offer their members some financial services, but not as much as a commercial bank.

Taxes

There are many kinds of taxes. The purpose of these taxes that we give the government is to help them pay for themselves and the services that they provide us.

Net Worth

Net worth is the value of your entire financial wealth.

Wealth

Wealth is the value of all of your possessions minus everything that you owe.

Asset

A asset is anything that a person owns that has any value.

Income

Any money you make from a job, get as a gift, investment returns, or any other kind of way you receive money is income.

Exspense

Any money you pay to buy some kind of good/service, money that you give someone, money you use to keep something up, rent, buying any needs or wants, and paying your taxes.

Income and Exspense Statement

A list of all your income transactions and expense transactions all over a specific set of time that is recorded down.

Spending Plan

A income and expense stamen called a budget. Your budget tells you how much money you can spend towards anything that you would want to spend it towards, and also how much you need to set aside to save.