Term

Definition from Source Context

Analysis Paralysis

The state of being so overwhelmed by too much information that a person does nothing. In finance, this happens when complex information and jargon cause people to shut down and avoid making decisions.

Beneficiary

The person designated to receive the assets from a financial account (like a retirement account) if the account holder passes away. Setting up beneficiaries is a quick but critical step in survivorship planning.

Certified Financial Education Instructor (CFEI)

A certification held by Jaricka Thomas, indicating she is a trained instructor in financial education. It is offered by the National Financial Educators Council (NFEC).

Debt Payoff Calculator

A tool offered by Saving Sense that helps individuals understand how much money they are losing to interest on their debts. It allows users to input their own numbers to see their debt's true cost and free up cash.

Financial Literacy

The knowledge and capability to make informed financial decisions. Jaricka Thomas advocates for this as essential for improving physical health, mental health, and relationships.

Gatekeeping (in finance)

The practice of making financial information feel inaccessible, often through the use of complex jargon or processes. This can intimidate people and prevent them from learning how to invest or manage their money.

Holistic Approach

An approach that considers the whole person and the interconnectedness of different aspects of their life. Jaricka uses this to address the complex relationship between a person's financial situation and their overall well-being.

Jargon

Specialized, complex words used in a particular field, such as finance. Jaricka notes that jargon can be intimidating and act as a barrier, making financial concepts seem inaccessible.

Life Insurance

A policy that provides a financial payout to a designated beneficiary upon the policyholder's death. Jaricka recommends it as a key part of survivorship planning, noting that a term policy can be very inexpensive.

Money Date

A practice where a couple goes to a relaxed environment, like a restaurant, to discuss their finances. This makes the conversation an enjoyable and positive experience rather than a stressful or agitating one.

Monthly Money Meeting

A designated time each month for a couple to review their spending from the previous month and plan for upcoming expenses. Jaricka and her wife use this practice to stay aligned on their financial goals.

Occupational Therapist (OTR/L)

A healthcare professional who helps clients participate in the things they want and need to do. Jaricka's experience as an OTR/L showed her how financial illiteracy directly impacted her clients' health and ability to function.

Probate Process

The legal process through which a deceased person's assets are distributed. Jaricka advises that having a will in place is beneficial to avoid as many "hiccups" in this process as possible.

Roth IRA

A type of retirement account mentioned by Jaricka in the context of educating her mother about investing. She used her own experience with a Roth IRA to make the concept of investing relatable and understandable for her mom.

Saving Sense Organization

The organization founded by Jaricka Thomas to enhance financial life through personalized coaching and resources, with a focus on serving women and people of color.

Social Enterprise

An organization that applies commercial strategies to maximize improvements in financial, social, and environmental well-being. The National Financial Educators Council (NFEC) is described as a social enterprise organization.

Survivorship Benefits

Financial provisions, such as from a pension or Social Security, that are designed to support a surviving spouse after their partner's death. Jaricka highlights a case where a lack of these benefits left a widow in a vulnerable state.

Transfer on Death (TOD)

A legal arrangement that allows an account or asset to be transferred directly to a named beneficiary upon the owner's death, bypassing the probate process. It is mentioned as a useful tool for estate planning.