Personal finance
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Endowment Funds: A Comprehensive Guide for Institutions & Donors
What Is an Endowment Fund? An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital or money in endowment funds i
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Revocable vs. Irrevocable Trusts: Understanding the Key Differences
Revocable Trust vs. Irrevocable Trust: An Overview A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An
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Wills vs. Trusts: Understanding Estate Planning Options
Will vs. Trust: What's the Difference? Wills and trusts are both estate planning tools that can help ensure your assets are protected and bequeathed to your heirs, besides your spouse, whic
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Understanding Trust Funds: A Comprehensive Guide
What Is a Trust Fund? A trust fund is an estate planning tool that establishes a legal entity to hold property or assets for a person or organization. A neutral third party, called a trustee, i
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Irrevocable Trusts: Definition, Benefits & Estate Tax Planning
What Is an Irrevocable Trust? The term irrevocable trust refers to a type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantors beneficiary
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Understanding Found Money: Definition, Examples & Legal Aspects
What is Found Money Found money refers to any amount of money that has been rediscovered after being forgotten about or abandoned by the rightful owner. Understanding Found Money The te
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Understanding Lifestyle Inflation: How Raises Can Hinder Your Financial Goals
What Is Lifestyle Inflation? Lifestyle inflation refers to an increase in spending when an individual's income goes up. Lifestyle inflation tends to become greater every time an individual
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Understanding Status Symbols: Definition, Examples & Cultural Significance
What Is a Status Symbol? A status symbol is generally an object that signifies its owners' high social and economic standing. Key Takeaways A status symbol is generally an object mean
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Decamillionaire: Definition, Net Worth & How to Achieve It
What Is a Decamillionaire? Decamillionaire is a term used for someone with a net worth of over 10 million of a given currency, most often U.S. dollars, euros, or pounds sterling. The term decam
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Understanding the Working Class: Definition, Characteristics & Key Features
What Is the Working Class? "Working class" is a socioeconomic term used to describe persons in a social class marked by jobs that provide low pay, require limited skill, or physical lab
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Understanding Luxury Items: Definition, Demand & Consumer Behavior
What Is a Luxury Item? A luxury item is not necessary to live, but it is deemed highly desirable within a culture or society. Demand for luxury goods increases when a person's wealth or inc
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Investing vs. Saving: A Financial Planning Case Study
I once worked with a client who was 38-years-old, single, making $100,000 in income. She had $9,000 in her savings account, and $112,000 in her retirement account (401k), with a monthly contribution
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Conspicuous Consumption: Definition, Examples & Social Impact
What Is Conspicuous Consumption? Conspicuous consumption is the purchase of goods or services for the specific purpose of displaying one's wealth. Conspicuous consumption is a means to show
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Defining Middle Class Success: 6 Key Indicators
Not so long ago, most people viewed the hallmarks of success as something along the lines of a house, a white picket fence, two weeks vacation, two children, and the ability to send those kids to co
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Aliko Dangote: Biography & Business Empire - Forbes
For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion. The business empire he began to build more than three decades ag
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Investment Advisor vs. Broker: Understanding the Key Differences
Investment Adviser vs. Broker: An Overview Although their jobs might seem similar to an outsider, investment advisers and brokers perform very different roles in financial services. Below, we h
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The Richest Person in History: A Look at Wealth and Power
Some people are unfathomably rich. According to Forbes, as of April 8, 2021, Amazon's Jeff Bezos is the wealthiest man alive, with $177 billion to his name. That's more than the combined gro
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Wealth Management: Comprehensive Financial Strategies for Affluent Clients
What Is Wealth Management? Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. Using a consultative process, the
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Understanding Generational Wealth: Definition & Impact
The term “generational wealth” refers to assets passed by one generation of a family to another. Those assets can include stocks, bonds, and other investments, as well as real estate and family busi
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What is a Trillionaire? Definition & Net Worth Requirements
A trillionaire is an individual with a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency, such as the euro or the British pound. Currently, no one has yet claim
Personal finance
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Securities Lending: Definition, Process & BenefitsSecurities lending is the act of lending or loaning a financial security, a stock, bond, or derivative, to a firm or an investor. It involves the borrower to provide collateral for the security that t...
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Student Loan Planning with YNAB: A Free 34-Day TrialInterested in setting up a student loan planner but don’t have YNAB? Try it out for free for 34 days (no credit card required) to see how a budget can help you turn the chaos of student loans into an...
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Understanding Form 1098-C for Vehicle Donations & Tax DeductionsThis article was fact-checked by our editors and a member of the Credit Karma Tax® product specialist team, led by Senior Manager of Operations Christina Taylor. You probably don’t...
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Savings Accounts: A Beginner's Guide to Safe & Simple Savings
What is a savings account?A savings account is a basic type of financial product that allows you to deposit your money and typically earn a modest amount of interest. These accounts are federally ins...