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Statement about what a person wants to be accomplished by taking certain steps; provides direction to a plan of action.

Goals Setting

The process used to determine what an individual wants to be, do, or have, i.e., what a person wants to accomplish.

Government Transfer Payments

Payments by governments, such just Social Security, veterans benefits, and welfare, the people who do not supply current goods, services, or labor in exchange for these payments.

Grace Period

A time period during which a borrower can pay the full balance of credit due and not incur any finance charges.

Green Products

Products considered environmentally safe according to objective, authoritative testing.

General Liability Insurance

Term refers to a type of business insurance that covers the business when a claim or lawsuit arises.


An excessively high offer for a trade in vehicle.

Health Insurance

Term refers to type of insurance product that hedge against the risk of incurring medical expenses particularly among individuals.

Health Insurnace Policy

Term refers to contract between an insurance provider and an individual.

High-Limit Disability Insurance

Term refers to type of disability insurance that will help to maintain an individual’s disability benefits at 65% of income.

HUD-1 Form

See Settlement Statement.


Earnings from work or investment (see Compensation)


A broad, overall rise in the price of goods and services; the opposite of the less common deflation.

Implied Warranty

On written guarantee that a product is of sufficient quality to fulfill the purpose for which it was designed.

Impulse Purchase

A purchase made on whim, without using a decision-making process.

Information Processing

Analyzing and organizing information for decision-making.


Risk management tool that limits financial loss due to illness, injury, or damage in exchange for premium; usually provides protection against large-scale financial loss.

Insurance Carrier

Term refers to a company selling insurance.

Insurance Premium

The payment a person makes to insurance company in exchange for his promise or protection and help.

Insurance Policy

Term refers to an official contract issued by the insurance carrier to the policyholder, or insured.


Money paid to savers and investors by financial institutions, governments, or corporations for the use of their money (example: 5% interest on a certificate of deposit or 6% interest on a bond)

Interest-Only Mortgage

Term refers to where the borrower delays paying the principal and only makes the interest payment.

Interest Rate Risk

Term refers to the value of an investment and how it contributes to the change in the absolute level of interest rates; these changes usually affect securities.


The process of setting money aside to increase wealth over time and accumulate funds for long-term financial goals such as retirement.


Setting aside money for future income, benefit, or profit to meet long-term goals; using savings to earn a financial return.


People investing in securities, such as stocks and bonds, to achieve long-term financial goals.


Term refers to compensation from the insurance provider to the provider for a qualified event.

Individual Disability Insurance

Term refers to type of insurance is for individuals whose employers do not provide benefits and individuals who are self-employed.

Installment Debt

Term refers to an account where the consumer pays a set amount each month.


Term refers to the policyholder of an insurance contract.

Investment Cash Flow

Term that refers to how cash is received from the sale of long-life assets; cash may also be spent on capital expenditures, which include investments, acquisitions, and other long-life assets.

Key-Person Disability Insurance

Term refers to type of insurance that protects the company from financial hardship due to a loss of a key employee; the loss of this type of employee is often due to a disability.


Bowls, such as unpaid bills, credit card charges, amount a person personal loans, and taxes.


The way people choose to live their lives, based on values they have chosen


The quality of an asset that permits it to be converted quickly into cash without loss or value.

Loan Sharks

Unlicensed lenders to charge illegally high interest rates.


The negative difference between total revenue from a business or investment minus total expense.

Loss Leader

Sales tactic where an item is priced at below cost to attract buyers who will then purchase other merchandise.

Low-Balling Repairs, New Car Deals

Advertising a service, then adding other services or repairs that are not necessary or not expected. An unrealistically low price offered by a dealer for buyers old heart as part of the new car deal.

Level Term

Term refers to a type of term insurance policy that is fixed for at least a year.


Acronym stands for London Inter-Bank Offered Rate. See LIBOR rate.


Term refers to the average interest rate calculated by leading banks in London.

Life Insurance

Term refers to type of contract between two parties: the insurer and the insurance policyholder.

Lifetime Cap

Term refers to the establishment of a maximum and a minimum interest rate throughout the term of a loan.

Limited-Pay Life Insurance

Term that refers to a type of permanent life insurance that requires premiums to be paid over a specific period.

Long-Term Care Insurance

Term refers to a type of insurance product that provides benefits for individuals needing long-term care related to dressing, bathing, eating, continence issues, transferring (getting in and out of bed or a chair), and walking.


A federal government program of transfer payments for certain healthcare expenses for citizens 65 or older. The Social Security administration manages the program.


Anything that is generally accepted as payment for goods and services; a medium of exchange; legal. Tender


Loan to buy real estate, such as land or a home.

Mutual Funds

Investing companies the pool money from shareholders and invest in a variety of securities, including stocks, bonds, and short-term money market asset.


Term refers to a mortgage loan secured by real property.

Mortgage-Backed Security

Term refers to a type of asset-based security.

Mortgage Life Insurance

Term refers to the declining face value of this type of product.

Mortgage Note

Term that refers to the evidence of the existence of a mortgage loan.


Those economic goods and services that are considered basic, such as food clothing shelter and transportation.


The difference between a person’s assets and liabilities

National Debt

See “Public debt.”

National Social Insurance Programs

Term refers to public social disability programs such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).

Negative Amortization

Term refers to where the loan payment is less than the charged interest; the outstanding balance on the mortgage loan increases.

Non-Tax Qualified Policy

Term refers to type of long-term care policy where the policy and the receipt of care are taxable.


Acronym stands for non-tax qualified.

Opportunity Cost

Whenever choices are made, the cost is something expressed in terms of what had to be given up to obtain it. The resources used to satisfy one goal that cannot be use for another (i.e weighting of 1 are tentative against another rather than merely considering the cash price or value of a specific good or service).

Operational Cash Flow

Term that refers to how cash is received and/or expended as a result of internal business activity.

Payroll Deduction

Any amounts such subtracted from a paycheck as the government requires more than fully requests. Mandatory deductions include various taxes. Voluntary deductions include loan payments or deposits into saving accounts.

Pay Yourself First (PYF)

Disciplined saving or setting aside money as a regular part of the budget for later spending or investing.


A personal or corporate interest in helping others, especially through gifts to charities or endowments to institutions.


Mortgage – at one time service charge from mortgage lenders at closing to increase the return on the loan; each point is 1% of the amount of the principal.

Predatory Lending

Lending practices which promised loans that are too good to be true and pressure borrowers to take loans on the spot. Lending practices include a variety of financial abuses such as excessive fees, penalties for early payoff of the loan, loan payments, loan flipping, high interest rates, monthly payments are The 4th, and unauthorized refinancing of loans. Examples of practice include predatory mortgages, payday loans, overdraft loans, excessive credit card debt, and instant tax refund loans.


The original amount of money invested, excluding any interest or dividends (e.g., $1000.00 to purchase a treasury bill)


The positive difference between total revenue from business or investment minus total expenses.


An official document that contains information required by the Securities and Exchange Commission (SEC) to describe a mutual fund.


Relatively innocent excessive exaggerations used to sell products.

Purchasing Power

A measurement of relative size of money in terms of the quality and quantity of goods and services they can buy. Inflation decreases purchasing power; deflation increases it.

Payment Shock

Term refers to when the monthly mortgage payment continues to jump from month to month making the mortgage unaffordable.

Permanent Life Insurance

Term refers to a type of insurance product that accumulates a cash value and reduces risk.

Personal Cash Flow

Term specific to personal finance budgeting

Pre-Approval Letter

Term refers to a document that reflects the lender’s process in verifying an applicant’s financial information to determine eligibility for a mortgage loan.


Term refers to the amount the policyholder pays to the sponsoring organization to purchase coverage.


Term refers to the prepayment of the principal of a mortgage loan.

Pre-Qualification Letter

Term refers to a document sent by a financial institution that has processed the applicant’s information without the process of in-depth verification.

Prior Authorization

Term refers to the obligation of the insured to request permission to receive certain medical services Short-term care insurance: term refers to type of insurance product that can be used with a long-term care insurance product; the policy provides for help with out-of-pocket expenses.

Private Debt

Term refers to money that individuals and businesses owe within a given country. It is a loan given by a private entity.

Product Liability Insurance

Term refers to a type of business insurance that covers those claims that arise from the use of a defective product, provided that the product causes injury and/or harm.

Professional Liability Insurance

Term refers to a type of business insurance known as “errors and omissions insurance.”

Property Insurance

Term refers to a type of business insurance offered as a commercial product.

Protection Policies

Term refers to a type of life insurance contract where the beneficiary receives a lump sum payment.

Public Debt

Term refers to government debt.

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