While the financial world is full of acronyms and other terms that can be confusing, it’s important to be well versed. Below is a list of common financial terms that you’ve most likely heard, some more frequently than others, but may not understand their meaning.
401(k) Plan: A qualified retirement plan through an employer in which eligible employees can make salary deferral contributions on a post- or pre-tax basis.
Adjustable-Rate Mortgage (ARM): A type of mortgage with an interest rate that periodically changes. There may be an initial “teaser” rate, which will go up after a specified period.
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