First Generation Finance

First-Gen Essentials

Essential financial knowledge for first-generation wealth builders. Start here if you're new to personal finance.

12 Lessons
5 Tools
7 Key Concepts

Key Concepts

interest
Money paid for the use of money. Banks pay YOU interest on savings; you pay THEM interest on loans.
compound interest
Interest calculated on both the initial amount AND previously earned interest. This is how money grows exponentially over time.
savings account
A bank account designed for storing money you don't need immediately. Earns interest but has limited withdrawals.
checking account
A bank account for everyday spending. Easy access via debit card and checks, but typically earns little to no interest.
credit score
A number (300-850) that represents how reliable you are at repaying debt. Higher scores get better loan rates.
budget
A plan for how you'll spend your money. It's not about restriction—it's about telling your money where to go.
emergency fund
Money set aside for unexpected expenses like car repairs, medical bills, or job loss. Aim for 3-6 months of expenses.

Lessons

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What Is Interest? The Cost (and Reward) of Money

Foundations4 min

Compound Interest: How Money Grows Exponentially

Foundations4 min

Types of Bank Accounts: Which Ones Do You Need?

Foundations5 min

High-Yield Savings Accounts: Where to Keep Your Emergency Fund

Foundations4 min

Credit Scores Explained: What Actually Matters

Foundations5 min

What Is a Budget and Why You Need One

Foundations4 min

Emergency Fund 101: Your Financial Safety Net

Foundations4 min

APY vs APR: What's the Difference?

Foundations3 min

Banks vs Credit Unions: What's the Difference?

Foundations4 min

FDIC Insurance: Is Your Money Actually Safe?

Foundations4 min

Tax Basics: Understanding Your Tax Bill

Foundations5 min

Opening Your First Bank Account

Foundations5 min

Related Tools

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Budget Calculator

Foundations

Create a monthly budget with 50/30/20 guidelines

Emergency Fund Tracker

Foundations

Track progress toward your safety net

Paycheck Decoder

Foundations

Understand where your paycheck goes

Credit Score Explainer

Foundations

Understand the 5 factors affecting your score

Savings Goal Tracker

Foundations

Track progress toward specific goals

Explore More Topics

All topics

Retirement Planning

Taxes

Credit & Debt

Budgeting & Saving