What is a currency exchange? A currency exchange is a place where you can exchange one currency for another. For example, you could visit a currency exchange to exchange US dollars for Euros. Why would I use a currency exchange? When you’re traveling, you may be visiting a country whose local currency may be different …
Read MoreWhat is a Currency Exchange – A Super Simple Explanation
Want to learn some interesting facts about US dollar bills? You’ve come to the right place. Stick around till the end for an extra special fact about the number 13 in dollar bills. Let’s begin. There was a time when the US produced $500, $1,000, $5,000, $10,000, and even 100,000 dollar bills! These were mainly …
Read More13 Fun Facts About Dollar Bills Everyone Needs to Know
Howdy Wall St. Willy! All this Halloween spooky stuff is making me think about death. So, what will happen to all of my stuff if I die? Well, you can always have a will. What is a will? A will is a document that your write which states all the people who will get your …
Read MoreWhat is a Will? Succession Planning or Estate Planning Basics
On TV, I heard about Personal Bankruptcy. But what is Bankruptcy anyway? Bankruptcy is a legal process that helps people sort their finances, when they cannot pay off their debts – due to excessive borrowing, a major financial setback like job loss, etc. How does the bankruptcy process work? Personal bankruptcy can be filed under …
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Howdy Wall St. Willy! Some time ago, on TV, I heard about an asset class. But what is an asset class anyway? An asset class is a group of assets in which you can invest your money. Everything within a specific asset class also shows similar traits. What do you mean by similar traits? And …
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Howdy Wall St. Willy! I heard my parents saying they want to open an emergency fund. But what is an emergency fund anyway? An emergency fund is money that you keep aside for unexpected expenses or if you lose your job. Well how much money should I have in my emergency fund? You should usually …
Read MoreWhat is an Emergency Fund and Why it is Important
I’ve read that because of Coronavirus, people are getting stimulus checks. But what is a stimulus check? Since many people have lost their jobs because of the Coronavirus lockdown, people can use some financial help to cope with their loss of income. Under the CARES Act, the US federal government is providing financial help called …
Read MoreWhat is a Stimulus Check or Economic Impact Payment?
I heard about recession on TV. But what is a recession? And what causes it? A recession is a period of economic decline that is usually triggered by consumers starting to spend less. That in turn causes businesses to cut costs and lay off workers. This results in higher unemployment, leading to even lesser …
Read MoreWhat is a Recession and How to Invest Profitably During a Recession?
What is savings account? A savings account is an account for storing money while you earn some interest from it. But how much interest do I make from a savings account? It changes from time to time, but in 2018, it is 0.1% – 1.5% per year depending on the bank. That’s really low …
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I heard that someone opened a checking account. But what is a checking account? A checking account is an account at a bank where you can make day to day transactions. But do I make any money, like interest, from a checking account? No, usually checking accounts don’t pay any interest. But some checking …
Read MoreWhat is a Checking Account?
