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Created with Fabric.js 1.4.5 P1 Automobile insurance, RV insurance, boat insurance: Provides protection against physical damage, bodily injury, and/or other liability resulting from vehicular accidents S9 401(k), 403(b), 457, Traditional IRA, Defined Benefit Pension: Pre-tax retirement plans refer to accounts that you fund with pre-tax dollars, usually payroll deducted, and where the tax on account growth is deferred until you withdraw money from the account. Employer-matched contributions are treated the same way. P3 Liability insurance provides protection against financial risks imposed by lawsuits due to injury, defamation and similar claims. P2 Home insurance, condo insurance, renter insurance: Provides protection against risks to property, such as fire, theft, and certain weather damage. P5 Medicare, Medicare supplemental, medical insurance: Provides reimbursement for the costs of covered medical services, type including major medical, long-term care, hospitalization, etc. P4 Long term disability insurance, short term disability insurance: Typically provides replacement of earned income in the event of a qualified disability. P6 Social Security: Government benefits are federal programs funded by payroll taxes designed to pay benefits for retirement, disability and survivors (spouses and children) P8 A trust is an arrangement in which property is held by one party for the benefit of another. Typically, trusts are used to provide income to beneficiaries, reduce taxes, makes bequests to charities and other financial purposes. P9 Term life insurance, whole life insurance, variable life insurance: A contract between a policyholder and an insurance company. Policyholders pay premiums to the insurance company and the company is obligated to pay your beneficiaries an amount at your death. S1 Checking Account: A Wealth Coordination Account (WCA) is a account that acts to monitor and control the various financial flows of money for saving and expenses. P7 Ex: Living will, power of attorney, will: These and other important legal documents provide for your personal and financial desires to be fulfilled when you are either incapacitated or deceased. These documents control the distribution and protection of property and designate others to manage your estate or make decisions on your behalf based on your written authorization. S8 Roth, 529, MyRA, RESP, TFSA: Tax-free retirement plans refers to accounts that you fund with after-tax dollars and where the growth on the account as well as any qualified distributions from the account are tax free. S5 CDs, time deposits: Safe, interest sensitive agreements between you and a bank wherein you deposit funds in the bank for a designated period of time in exchange for a return of interest. S4 EE Savings Bond, I Savings Bond: Issued by the the Treasury Department of the Federal Government and are considered one of the most reliable, low-risk investments available. S2 Personal checking, personal savings: Typically where you keep your money for daily spending and emergencies. S3 Credit union checking account, credit union line of credit: Managed by account-holding members, unlike banks and other financial institutions. S6 Commercial paper, Bankers‘ acceptances: A type of savings account offered by banks and credit unions similar to regular savings accounts. They usually pay higher interest than savings accounts, have higher minimum balance requirements, and only allow a limited number of withdrawals per month. S7 Non-qualified annuity or other accounts with post-tax contributions and taxable distributions: Post-tax retirement plans refer to accounts that you fund with after-tax dollars and where the tax on the account growth is deferred until you withdraw money from the account. G2 Corporate bonds: Oligations issued by US and foreign corporations seeking to raise capital. By purchasing a bond, you are lending money to that corporation in return for an anticipated yield. Corporate bonds are typically issued as short-term notes, medium-term notes or bonds, and long-term bonds. G1 Bonds, notes, bills, tips, floating rate notes: Provide low risk investments and income for short-term and long-term investors. Backed by the full faith and credit of the federal government, these products are issued to raise money needed to operate the federal government and pay off maturing obligations. G8 Primary residence, vacation home, rental property: Typically comprises some of the largest assets a person can own but often also carries with it significant debt. Investment real estate can provide owners additional income but must be managed carefully. G3 State, or local bonds: Issued by municipal governments for the purpose of raising money to improve infrastructure such as roads, highways, sewage systems, and other projects for the greater public welfare. They are typically scheduled with a maturity date as well as a schedule of interest payments. G4 Cumulative, participating, convertible, callable, and adjustable-rate shares: Given priority rights to assets and dividends over common stockholders when it comes to a liquidation of a corporation. Preferred stockholders usually give up voting rights and are typically paid a fixed dividend payment. Generally speaking, preferred stock provides less potential for return but has less risk than common stock. G5 Common shares: Available through the major stock exchanges. Common stock is an equity security that provides you with a portion of ownership of a company. The expectation is usually that the company‘s value will grow over time and that you will enjoy the appreciation in the value of your stock along with the potential for dividend payments from time to time. However, there is an equal risk that the company stock may lose value and you would experience a loss in the marketable value of the shares that you own. G6 Commodities, diversified brokerage accounts, mutual funds, REITs, limited partnerships: Typically provide opportunities for growth potential and are bought and sold or held in such a way that comprise a combination of interest, dividends and capital gains. Therefore, these accounts are somewhat complex to track in terms of their tax liabilities and they are monitored by the financial institutions holding these accounts. G7 Art, antique cars, memorabilia, personal property maintained for investment purposes: They gain their value through attributes such as age, craftsmanship, scarcity and many other outstanding characteristics. These types of collections often require professional management as well as insurance. They usually provide other benefits such as tax incentives, G9 Business ownership, oil and gas partnerships, racehorses: Businesses and tax shelters often provide the greatest possibility for growth amongst all asset types but also comprise the greatest share of risk. Proper management, tax and legal advice are critical to successful operation.
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