- Knowing Where You Stand
- Making Some Adjustments
- Where Will the Income Come From?
- Your Job Search: It's a Process
- After You Find a New Job
Asset: What you own.
Asset Allocation: Diversifying your assets to minimize risk.
Bankruptcy: The process of being declared unable to pay your debts by a court. Your assets are then distributed among your creditors.
Career Transition: The process of moving from one job, although not necessarily one career, to another.
Cash Flow: Your income minus your expenses.
Emergency Reserve Fund: An amount of money set aside to use for unexpected needs.
Fair Market Value: The cash equivalent of an asset's value; what a willing buyer would pay a willing seller for the asset.
Illiquid Assets: Things you own which cannot be quickly turned into cash with minimal risk of loss of principal.
Income: Primarily includes your earnings (salary and self-employment income), severance, and unemployment. Other common income categories are interest, dividends, capital gains, investment and rental income, pension, and Social Security benefits.
Liability: What you owe.
Liquid Assets: Things you own which can be turned into cash quickly without risk of loss.
Net Cash Flow: Your income less your outflow (expenses plus the amount that goes into your savings and investments).
Net Worth: What you own (assets) minus what you owe (liabilities).
Notice: The act of being informed that you will be leaving your job begins the notice period.
Outflow: All your expenses and, typically, what you pay yourself (the amount that goes into your savings and investments).
Secured Loan: A loan that is guaranteed (secured) by an asset (collateral).
Unsecured Loan: A loan on your creditworthiness.
Securities offered through LPL Financial, member FINRA/SIPC. Investment Advisory Services offered through LPL Financial, a Registered Investment Advisor. Insurance products offered through LPL Financial or its licensed affiliates. Franklin Mint Federal Credit Union and Financial Services at FMFCU are not registered broker/dealers and are not affiliated with LPL Financial.
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Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.