Glossary
Finance
The Financial Glossary is your essential guide to understanding the financial terms and concepts that matter most to Baby Boomers. This glossary covers everything from retirement planning and investments to budgeting and estate management, offering clear and concise explanations tailored to the financial needs and goals of our generation. Whether you’re planning for the future, managing your current finances, or exploring new investment opportunities, this glossary provides the knowledge and tools you need to make informed decisions. Empower yourself with the information necessary to secure your financial well-being and navigate the complexities of today’s financial landscape.
Economy
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
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.
Estate
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.
