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Asset: What you own.
Asset Allocation: Diversifying your assets to minimize risk.
Bankruptcy: The process of being declared unable to pay your debts by a court. Your assets are then distributed among your creditors.
Career Transition: The process of moving from one job, although not necessarily one career, to another.
Cash Flow: Your income minus your expenses.
Emergency Reserve Fund: An amount of money set aside to use for unexpected needs.
Fair Market Value: The cash equivalent of an asset's value; what a willing buyer would pay a willing seller for the asset.
Illiquid Assets: Things you own which cannot be quickly turned into cash with minimal risk of loss of principal.
Income: Primarily includes your earnings (salary and self-employment income), severance, and unemployment. Other common income categories are interest, dividends, capital gains, investment and rental income, pension, and Social Security benefits.
Liability: What you owe.
Liquid Assets: Things you own which can be turned into cash quickly without risk of loss.
Net Cash Flow: Your income less your outflow (expenses plus the amount that goes into your savings and investments).
Net Worth: What you own (assets) minus what you owe (liabilities).
Notice: The act of being informed that you will be leaving your job begins the notice period.
Outflow: All your expenses and, typically, what you pay yourself (the amount that goes into your savings and investments).
Secured Loan: A loan that is guaranteed (secured) by an asset (collateral).
Unsecured Loan: A loan on your creditworthiness.
Securities and Investment Advisory Services are offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. Insurance products are offered through LPL Financial or its licensed affiliates. Heartland Planning Associates is a trade name of Heartland Bank. Heartland Bank and Heartland Planning Associates are not a registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any other government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. The LPL Financial representatives associated with this website may discuss and/or transact securities business only with residents of the following state: Ohio. Check the background of investment professionals associated with this site on FINRA's BrokerCheck.