Everfi Future Smart #6: Your
Financial Future Premium - -The amount you pay your insurance company for coverage. It is usually paid each month.-Deductible - -The amount you personally are required to pay before your insurance covers the cost.-Copay - -A fixed fee you pay for specific medical service, like a visit to the doctor's office.-Security deposit - -Money you pay when you rent an apartment to pay for any damage. If there is no damage when you leave, you get your money back.-Renters Insurance - -Insurance that will pay for all your stuff in an apartment if something bad happens.-401k or 403b - -A retirement account where you pay from your paycheck before taxes and where your employer matches up to 3%.-IRA - -An Individual Retirement Account. Your employer does not match your funds.-Risk - -How likely it is that you will lose money on an investment -Return - -How much money you can earn from an investment -Diversification - -Your portfolio includes a mix of investments of different risk levels -Savings accounts - -Safe way to store money. Pays interest and is insured by the FDIC or NCUA.
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