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First-Gen Essentials

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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

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

Lessons

What Is Interest? The Cost (and Reward) of MoneyMoney BasicsFoundations4 min
Compound Interest: How Money Grows ExponentiallyMoney BasicsFoundations4 min
Types of Bank Accounts: Which Ones Do You Need?Money BasicsFoundations5 min
High-Yield Savings Accounts: Where to Keep Your Emergency FundSavingFoundations4 min
Credit Scores Explained: What Actually MattersCredit & DebtFoundations5 min
What Is a Budget and Why You Need OneBudgetingFoundations4 min
Emergency Fund 101: Your Financial Safety NetSavingFoundations4 min
APY vs APR: What's the Difference?Money BasicsFoundations3 min
Banks vs Credit Unions: What's the Difference?Money BasicsFoundations4 min
FDIC Insurance: Is Your Money Actually Safe?Money BasicsFoundations4 min
Tax Basics: Understanding Your Tax BillMoney BasicsFoundations5 min
Opening Your First Bank AccountMoney BasicsFoundations5 min

Related tools

Budget CalculatorFoundationsCreate a monthly budget with 50/30/20 guidelines
Emergency Fund TrackerFoundationsTrack progress toward your safety net
Paycheck DecoderFoundationsUnderstand where your paycheck goes
Credit Score ExplainerFoundationsUnderstand the 5 factors affecting your score
Savings Goal TrackerFoundationsTrack progress toward specific goals

Explore more topics

Retirement Planning

Taxes

Credit & Debt

Budgeting & Saving