“Crowdfunding” is a method of raising capital through the collective effort of friends, family, customers, and individual investors. This approach taps into the collective efforts of a large pool of individuals—primarily online via social media and crowdfunding platforms—and leverages their networks for greater reach and exposure. It’s a popular method for funding a wide range of ventures, from creative projects to innovative new products or businesses.

“Crypto” refers to digital or virtual currency that uses cryptography for security, making it extremely difficult to counterfeit. It operates independently of a central bank and is underpinned by blockchain technology, providing a decentralized system where transactions are transparent and secure. Bitcoin, the first and most well-known crypto, revolutionized the financial world and paved the way for thousands of other cryptocurrencies.

An economy refers to the large set of interrelated production, consumption, and trade activities that determine how resources are allocated in a certain geographical area or among a certain group of people. This encompasses all activities related to the production, distribution, and consumption of goods and services in a particular area. Economies can be categorized into four main types: traditional, command, market, and mixed, and they influence the wealth and standard of living of its participants.

Employment refers to the state of being hired or engaged in a job or profession, where an individual, known as the employee, provides their skills, time, and labor to an employer in exchange for a specific compensation, typically in the form of a salary or wage. It involves a formal agreement between the two parties, which can be temporary or permanent, full-time or part-time, and is governed by employment laws and regulations.

An estate refers to the overall net worth of an individual, encompassing all their assets such as real estate properties, investments, cash, and personal belongings, minus any liabilities or debts. It is often associated with legal contexts, particularly in matters of inheritance or bankruptcy, where the distribution or settlement of a person’s estate is handled.

A fiduciary is a person, organization, or entity that holds a legal or ethical relationship of trust with one or more parties, known as principals. They are trusted to manage the assets, finances, or other affairs of the principal, prioritizing the principal’s best interests above their own. Fiduciaries can include trustees, financial advisors, attorneys, and corporate officers, among others, and are bound by law to act with loyalty, good faith, and a duty of care.

Finance refers to the management, creation, and study of money, banking, credit, investments, assets, and liabilities. It involves the process of budgeting, saving, investing, and overseeing the allocation of resources, and it plays a crucial role in the functioning of the economy. Finance can be divided into personal, corporate, and public finance, each involving different financial activities such as lending, borrowing, saving, investing, and forecasting future financial trends.

Financial independence refers to the state of having sufficient personal wealth to live without having to actively earn income to cover one’s living expenses. It’s achieved when an individual’s assets or investments generate income or cash flow that exceeds their expenses, allowing them to sustain their desired lifestyle without relying on employment, government assistance, or support from external sources. It is often associated with retirement, but can be attained at any age.

Investing refers to the process of allocating resources, often money, into various financial ventures with the expectation of generating a profit or earning income over time. This can include purchasing assets such as stocks, bonds, real estate, or mutual funds, or starting a new business. The goal of investing is to put your money to work in order to grow your wealth, providing financial security, and enabling you to achieve long-term financial goals.

A pension is a type of retirement plan that provides individuals with a regular income when they leave the workforce. Typically managed by employers or governments, pensions are funded through contributions made by either the individual, their employer, or both throughout their working life. The amount received during retirement usually depends on several factors including the individual’s earnings history, years of service, and age at retirement.

Philanthropy refers to the act of promoting the welfare of others, typically through the donation of money, resources, or time to charitable causes. It is characterized by a desire to improve the quality of life for individuals or communities by supporting initiatives related to education, health, social issues, environment, and more. Philanthropy can be carried out by individuals, organizations, or businesses committed to making a positive difference in society.

Real Estate refers to property comprising of land and the buildings on it, along with its natural resources such as crops, minerals, or water. It also includes immovable property like homes, commercial spaces, and undeveloped land. The term can also encapsulate the business of buying, selling, or renting land, buildings, or housing, making it a crucial part of the economy in virtually every part of the world.

Retirement is a phase of life that typically begins after a person has ended their professional career, usually around a predetermined age. It is a period marked by the cessation of regular employment, often coinciding with the start of receiving benefits from social security or a personal retirement plan. This time is often characterized by a shift from earning income through work to utilizing saved resources for living expenses. Retirement provides individuals with the opportunity to enjoy leisure, pursue hobbies, and spend time with family and friends that their career may have previously limited.

Retirement planning is a financial strategy developed to allocate savings, investments, and other income sources to ensure financial stability during the post-employment phase of life. It involves determining retirement income goals and the actions necessary to achieve them, considering factors like desired retirement age, preferred lifestyle, medical expenses, and life expectancy. This process is crucial for individuals to maintain their standard of living and cater to their needs after they cease to earn a regular income.

Social Security is a U.S. government program that provides financial aid to individuals who are retired, disabled, or unemployed, as well as to families in which a spouse or parent is deceased. Funded through payroll taxes, it aims to offer a safety net for citizens, helping them maintain a minimum standard of living, especially during periods of vulnerability or financial hardship.