pfmm

supporting local

Choosing to buy from local businesses rather than chain stores to help the community.

Herd mentality

The tendency to conform to the attitudes and behaviors of those around you.

Loss aversion

The psychological phenomenon where losing something is perceived as worse than gaining something of equal value.

Present bias

The tendency to favor immediate rewards over future benefits.

Job satisfaction

A non-income factor that might impact a person's decision regarding job offers.

True statement

A factual assertion that can be proven or verified.

Entrepreneurship benefit

The advantage of pursuing one's passion and working for oneself in business.

Perseverance

The ability to persist in a task despite challenges or setbacks.

Self-employment tax

Tax that funds Social Security and Medicare for self-employed individuals.

Variable expense

An expense that can fluctuate based on consumption or usage, such as groceries.

Progressive taxation

A tax system where the tax rate increases as the taxable amount increases.

Net income

The income remaining after all deductions and taxes are subtracted from gross income.

Overdraft fee

A fee imposed when an account holder spends more than the available balance.

Wage garnishment

A legal process through which a portion of a person's earnings is withheld for debt repayment.

Credit counseling

A service that helps individuals manage their debts and improve their financial health.

Real interest rate

The percentage of interest earned or paid after accounting for inflation.

Down payment

An initial payment made when taking out a loan that reduces the total amount to be financed.

Credit card minimum payment

The smallest amount a cardholder can pay to keep the account in good standing.

Phishing scam

Fraudulent attempts to obtain sensitive information through deceitful communications.

Federal Trade Commission (FTC)

A government agency that protects consumers and ensures a healthy competitive marketplace.

Federal Reserve

The central banking system of the United States responsible for monetary policy.