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Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
In finance, an interest rate cap is a type of interest rate derivative in which the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. An example of a cap would be an agreement to receive a payment for each month the LIBOR rate exceeds 2.5%. Similarly, an interest rate floor is a ...
Financial independence is a state where an individual or household has accumulated sufficient financial resources to cover its living expenses without having to depend on active employment or work to earn money in order to maintain its current lifestyle. [1] These financial resources can be in the form of investment or personal use assets ...
Here’s how to approach prioritizing debt before you retire, ranked by most important to tackle first. 1. Credit card debt. Paying off high-interest credit card debt should be your top priority ...
For many, the best solution is to strike a balance between saving money and paying off debt. “The choice of debt repayment or savings is not an either-or proposition,” says Greg McBride, CFA ...
Self-esteem is confidence in one's own worth, abilities, or morals. Self-esteem encompasses beliefs about oneself (for example, "I am loved", "I am worthy") as well as emotional states, such as triumph, despair, pride, and shame. [1] Smith and Mackie define it by saying "The self-concept is what we think about the self; self-esteem, is the ...
SMART criteria. A variant of the SMART model. S.M.A.R.T. (or SMART) is an acronym used as a mnemonic device to establish criteria for effective goal-setting and objective development. This framework is commonly applied in various fields, including project management, employee performance management, and personal development.
Pay it forward. Pay it forward is an expression for describing the beneficiary of a good deed repaying the kindness to others rather than paying it back to the original benefactor. It is also called serial reciprocity. The concept is old, but the particular phrase may have been coined by Lily Hardy Hammond in her 1916 book In the Garden of ...