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Category: Financial Literacy

To be financially literate is to know how to manage your money. Financial literacy is confidently understanding concepts and vocabulary around investing, savings, debt, budgeting, banking, and more. These concepts are defined as paying off debt, creating a budget, saving for retirement, and understanding the difference between various financial instruments and terms.

Perhaps you have questions about what you need to do to improve your personal finance situation. Or you may just be looking for definitions of terminology. In any case, this resource center will help you become more financially prepared for your future.

What Is the Lifetime Learning Tax Credit?

A piggy bank with a graduation cap on sitting atop some school books, next to some word blocks displaying the words "education costs."

The Lifetime Learning Credit (LLC), is also often referred to as the continuing education tax credit because it provides a tax credit for secondary education expenses. You or a dependent you claim on your tax return may qualify for this tax credit if you paid for tuition or other qualifying education-related expenses at an eligible educational […]

How to Use a Debit Card Without a PIN

A woman in a plaid shirt looks confused as she tries to pay a woman at a grocery store cash register, who holds the first woman’s debit card.

It is possible to make purchases using debit without a personal identification number (PIN), but getting cash back or making withdrawals isn’t as easy. This enables you to purchase items online without the need for a PIN,] or to make a purchase with a card you have forgotten the PIN to. Smaller purchases, generally under […]

What Does Net Worth Mean and How Do I Determine Mine?

An image of a bag of money, a piggy bank, and a chalk board with the words "net worth" written under a graph.

Everyone has a net worth; net worth can be positive (where one has more assets than liabilities) or a negative(more liabilities than assets). It is essential to know what your net worth is before trying to gain financing for a larger purchase, such as a home. Personal and business net worth can fluctuate over time, […]

What is Interest, and How Do Different Types of Interest Work?

A man in a suit illustrates how interest grows exponentially over time by drawing a rising graph with percentage signs.

Whether you’re signing up for a credit card, checking your retirement investments, or signing a new home loan, chances are you’re going to come across the term “interest” somewhere in the paperwork. Put most simply, interest is a charge that is accrued for borrowing money from another person or entity. If you borrow money, you […]

What is Compound Interest and How is it Calculated?

Increasingly large stacks of coins sit on papers filled with graphs and charts.

It may seem impossible to save up enough money for retirement when you are young and barely scraping by, paying off bills and struggling even to save up for emergencies. You may have a 401K or IRA, but no real idea how it works other than that you put a bit of money from your […]

What is Simple Interest and How is it Calculated?

An image of a calculator and a budget worksheet marked with a pen.

There is a high probability that you will encounter simple interest at some point in your life, as you navigate financial endeavors. In fact, you may be currently earning interest on your savings account or being charged interest on your credit card, whether you’re aware of it or not. But what is “simple interest?” Furthermore, […]