Wi$eUp Glossary

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Identity Theft

An individual's personal information is used by another person without permission to open fraudulent accounts or commit other crimes.

Index Mutual Funds

A passively managed mutual fund that tries to mirror the performance of a particular index, such as the S & P 500.

Inflation

A rise over time in the price of goods and services. As the price of goods and services increases, the value of the dollar falls as its purchasing power decreases.

Insurance

The management of risks that have financial consequences. A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well being of an individual, company or other entity in the case of unexpected loss.

Insurance Premium

The payment you or your employer pay for insurance coverage.

Investment

The act of investing means to place money into stocks, bonds, mutual funds, real estate or other choices with the expectation that the value of the money invested will grow beyond the original amount invested.

IRA

Individual Retirement Account. A tax-deferred retirement account for an individual that permits individuals to set aside a set income amount per year, with earnings tax-deferred until withdrawals begin at age 59 ½ or later. Investors withdrawing money earlier than age 59 ½ may be subject to penalties for early withdrawals.