Your Finances; Your Future

Financial Glossary

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Earned Income

Earned income is the payment you receive for the work you do. There are two ways to get earned income: You work for someone who pays you or you own or run a business or farm.

Earned Income Credit

The US federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children.  The amount of EITC benefit depends on a recipient's income and number of children.

Emergency Fund

An emergency fund is designed to provide financial back-up for unexpected expenses or for a period when you are not working and need income.


The difference between how much your house is worth and how much you owe on your mortgage.


A bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled.


The collection of money and property owned by a particular person, that are to be distributed according to that person's will.