Money talks: useful vocabulary

Asset	A useful or valuable thing, person or quality
Credit	​The ability to borrow money or access goods or services w/ the understanding you'll pay later
​Lender	​An individual, public or private group, or institution that makes funds available to a person or business
​Probate	A legal process that occurs when a person passes away
Financial Advisor	​A person who is employed to provide financial services or guidance to clients
Accountant	A person whose job is to keep, inspect and analyze financial accounts
​Bookkeeper	​A person whose job is to keep records of the financial affairs of a business
​Trust Fund	​An estate planning tool that allows a person to put aside money/assets that will later be distributed to beneficiaries
​LLC	​Limited Liability Company that protects its owners from being personally pursued for repayment of the companys' debts
​Will	​A legal document that directs who will receive your assets and property at the time of your death
​Mortgage	​An agreement between you and a lender that allows you to borrow money to purchase or refinance a home
​Compounding Interest	​The interest you earn on interest
​Cash Flow	​The total amount of money being transferred into and out of a business
​Net Income	​The amount that's left over after you deduct expenses, taxes and other liabilities
​Gross Income	Gross is what you have before taxes, expenses and liabilities are deducted​
​Equity	​The value of the asset once debt is paid off
​Debt	​Something that is owed or due
​Liability	​Something a person or company owes, usually a sum of money
​Net worth	​The total wealth of an individual, company or household, taking account of all financial assets and liabilities