Personal Finance
Subaccount Charge
A subaccount charge is a fee charged for a service or product provided to a subaccount within a particular account. Examples of subaccount charges: Reasons for subaccount charges: Examples of subaccount charge scenarios: Note: Subaccount charges are typically in addition to any charges associated with the main account. They are not deducted from the main […]
Combined Ratio
The combined ratio of two or more ratios is the ratio of the combined or total number of units to the combined or total number of units in the given ratios. Formula for Combined Ratio: Combined Ratio = a/b = (a1/b1) + (a2/b2) + … where: Steps to Find Combined Ratio: Example: Find the combined […]
Hard Inquiry
A hard inquiry is a type of credit report inquiry that is initiated by a lender or other credit grantor, typically in response to a specific loan application or credit report dispute. Key Characteristics of Hard Inquiries: Examples of Hard Inquiries: Impact on Credit Score: Hard inquiries can temporarily lower your credit score because they […]
Voluntary Conveyance
A voluntary conveyance is a transfer of land ownership that is initiated by the owner of the land and is made with the owner’s consent. It is typically accomplished through a deed, which is a legal document that formally records the transfer of ownership. Key Elements of Voluntary Conveyance: Types of Voluntary Conveyances: Legal Requirements: […]
Bank Failure
A bank failure occurs when a bank is unable to meet its financial obligations to its depositors and creditors. This can be caused by a variety of factors, including: Impact of Bank Failure: Government Response to Bank Failure: Recovery from Bank Failure: FAQs
Excess Judgment Loss
Excess judgment loss refers to a cognitive bias where people tend to overestimate the accuracy of their own judgments and underestimate the accuracy of others’. This bias can lead to errors in decision-making and judgment, as people may be unwilling to admit their own mistakes or consider alternative perspectives. Causes: Examples: Consequences: Mitigating Excess Judgment […]
Pay Yourself First
The principle of “pay yourself first” is a financial strategy that involves allocating a predetermined percentage of your income to savings and investments before you spend any money on other expenses. This principle is a powerful tool for building wealth and managing your finances effectively. Benefits: Implementation: Example: If you earn $5,000 per month and […]
Credit Card Authorization Key
A credit card authorization key is a unique string of characters used to authorize online purchases made with a credit card. It is a security feature implemented by credit card networks to protect against fraud. When you enter your credit card information on a website, the website generates an authorization key and sends it to […]
Consumer Credit
Consumer credit is a type of credit extended to individuals rather than businesses. It includes loans, credit cards, and other forms of borrowing that are used by consumers to make purchases, cover expenses, or build up their credit history. Types of Consumer Credit: Factors Affecting Consumer Credit: Consumer Credit Laws: Impact of Consumer Credit: FAQs
Target Risk
Target risk is the desired level of risk associated with an investment or portfolio. It is typically expressed in terms of the potential return and volatility of an investment. Factors Affecting Target Risk: Setting Target Risk: Example: An investor with a high risk tolerance and a long time horizon might have a target risk of […]
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