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Your Financial Primer

12 financial terms to keep you ahead of the game

Banking_Terms.jpgMoney plays an important role in our lives, so knowing the terms related to our finances is important. “Once people have a good, basic understanding of financial terms and concepts, it makes the money management process much less intimidating for them,” says Ray Pape, AIF, Senior Investment Executive with IB Wealth Management.

Here are definitions for 12 key financial terms:

Annuity: A tax-deferred insurance or investment which may provide a fixed set of payments for a pre-set period of years, or the rest of one’s life.

Bond: Money that an investor loans, typically to a business or government entity, for a specific period of time at a specific rate of interest.

CD (Certificate of Deposit): A deposit with a specific interest rate that matures in a specific time period.

Checking Account: A deposit bank account that uses checks to withdraw money.

Credit vs. Debit: A credit increases a bank account balance; a debit decreases it.

Estate Planning: Preparing for the transfer of assets after death.

401(k), 403(b), or 457(b): A tax-deferred retirement account. The type of account offered to you depends on your type of employer, and you must work for an employer who provides the plan.

HELOC (Home Equity Line of Credit): A credit line guaranteed by the equity in your home.

IRA (Individual Retirement Account): A tax-deductible retirement account that can be established by anyone who earns income.

Inflation: An increase in price or a decrease in the purchasing power of money.

Savings Account: A deposit bank account that does not use checks to withdraw money.

Stock: A security that represents a piece of ownership in a corporation.

Securities & insurance products are provided by Cetera Investment Services LLC, Member FINRA/SIPC. Advisory services are offered by Cetera Investment Advisers LLC. Neither firm is affiliated with Independent Bank or its related companies where investment services are offered. Investment products are: • Not FDIC insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives. Cetera Investment Services OSJ: 230 W Main St, Ionia MI 48846.

Contact an IB Wealth Management Representative

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