The following is a list of common budgeting acronyms and their descriptions. New users are often confused by some of the terminology when following budget conversations. I plan to keep this list updated, so let me know if you are aware of an acronym that is missing from the list.
- AOM - Age Of Money: Joel's favorite metric. Ask him, and he'll tell you all about it!
- APR - Annual Percentage Rate: The annual rate of interest without taking into account the compounding of interest within that year.
- APY - Annual Percentage Yield: The annual rate of interest which does take into account the compounding of interest within that year.
- ATB - Available To Budget: The amount of money you have available to budget in Financier.
- FICO - (F)air (I)saac (CO)rporation is the largest and best known of several companies that provide software for calculating a person's various credit scores. (FICO Scores)
- IANAE - I Am Not An Expert: Disclaimer when offering advice.
- PF - Personal Finance: Should be self explanatory.
- PIF - Paid In Full: Refers to a credit card that is paid off every month to avoid accruing interest charges.
- PMI - Primary Mortgage Insurance: An insurance policy that pays the lender if the borrower defaults.
- TBB - To Be Budgeted: The amount of money you have available to budget in YNAB, similar to ATB in Financier.
- WAM - Whack A Mole: The act of shifting money from one category to another to cover overspending.
- YMMV - Your Mileage May Vary: Extremely true with financial advice as everyone's circumstances are different.
- YNAB - You Need A Budget: Another budgeting software company.
WAM - Whack a mole
Stickied!
PF - Personal Finance
YNAB - You Need a Budget
Financial acronyms that aren't specifically related to budgeting. These are probably not the best definitions, so feel free to clean them up.
APR - Annual Percentage Rate: The interest rate on loans and credit cards.
FICO score - Credit rating. The score ranges from 300 (abysmal) to 850 (splendiferous!). A higher score generally means you can get better terms when seeking credit.
PMI - Primary Mortgage Insurance: Usurious monthly fee charged by lenders to screw borrowers out of more money. Ahem. An insurance policy that pays the lender if the borrower defaults.
YMMV - Your mileage may vary. Extremely true with financial advice as everyone's circumstances are different.
IANAE - "I am not an expert" - disclaimer when offering advice.
minor commentary of FICO - I would say FICO scores (plural) as there are actually ~50 different FICO scores. This may explain why website A says your FICO is X and website B says it is Y.
Quote from: jenmas on November 01, 2016, 04:27:55 PM
minor commentary of FICO - I would say FICO scores (plural) as there are actually ~50 different FICO scores. This may explain why website A says your FICO is X and website B says it is Y.
@jenmas, better?
IANAE ;)
Quote from: Doomspark on October 31, 2016, 06:25:01 PM
PMI - Primary Mortgage Insurance: Usurious monthly fee charged by lenders to screw borrowers out of more money. Ahem. An insurance policy that pays the lender if the borrower defaults.
Perhaps MIP - The FHA equivalent (if it still exists) that one must request be removed once the LTV (Loan to Value) is below 78% AND 5 years has passed.
I think there is also UFMIP (Up Front MIP) too???
AOM - Age of Money
Quote from: Billy_McSkintos on November 02, 2016, 01:11:19 PM
AOM - Age of Money
No. that's not an acronym worth mentioning. ;D
Could the forum change any instance of "AOM" or "Age of Money" to "Jesse's flaming pile of bs"?
Quote from: Joel on November 02, 2016, 01:15:21 PM
Quote from: Billy_McSkintos on November 02, 2016, 01:11:19 PM
AOM - Age of Money
No. that's not an acronym worth mentioning.
Could the forum change any instance of "AOM" or "Age of Money" to "Jesse's flaming pile of bs"?
LOL!
Quote from: Joel on November 02, 2016, 01:38:28 PM
Quote from: asromzek on November 02, 2016, 01:30:36 PM
Quote from: Billy_McSkintos on November 02, 2016, 01:11:19 PM
AOM - Age of Money
Updated.
Haha. I like your update.
I trust that you can handle all inquiries on said subject matter? I don't feel as though I would use appropriate language when describing that particular acronym.
Quote from: asromzek on November 02, 2016, 01:46:23 PM
Quote from: Joel on November 02, 2016, 01:38:28 PM
Quote from: asromzek on November 02, 2016, 01:30:36 PM
Quote from: Billy_McSkintos on November 02, 2016, 01:11:19 PM
AOM - Age of Money
Updated.
Haha. I like your update.
I trust that you can handle all inquiries on said subject matter? I don't feel as though I would use appropriate language when describing that particular acronym.
We can just point them to nolesrule thread on the YNAB forums if anyone doesn't get it.