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.

A franchise is a business model where a franchisor (original business owner) grants a license to a franchisee (third party individual or company) to operate under the established brand’s trade name. This license allows the franchisee to sell a product or provide a service using the franchisor’s business operations methods, trademark, and support system. It’s a mutually beneficial arrangement that extends the reach of the franchisor’s brand and enables the franchisee to start a business with a recognized name and proven system.