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WHAT DOES THAT MEAN?
TERM
DEFINITION
blue collar worker
an occupational classification of workers who perform physical labor jobs such as plumbing and construction. “BLS”; a division of the U.S. Department of Labor that collects and analyzes data on labor economics. an income level below which people and families are eligible for certain U.S. government assistance programs and benefits. the ability to understand how money works, how money is earned and managed, and wealth built. the combined incomes of all people over the age of 15 sharing a particular household. money received on a regular basis for providing a good or service, or earned through investments. a measure of income ranging from $16,000 to $35,000, depending on number of household members. a socioeconomic term used to describe people who have some postsecondary education without advanced degrees and work in lower-level, white-collar professions; a subdivision of the middle class. a socioeconomic term used to describe people who earn an annual income of $35,000 to $200,000. the process of earning, budgeting, saving, investing, spending, or otherwise managing personal finances. the dollar amount that divides income distribution into two equal groups; half of the group having income above the median and half below. the total value of a person’s assets minus their debts; a measurement of an individual’s wealth. the ability to move up in socioeconomic class and increase your wealth for such things as home ownership, a car, an education, and other quality of life items. a socioeconomic term used to describe individuals who are well-educated, earn between $100,000 and $200,000 and work at high-level, white-collar positions; a subdivision of the middle class. ownership of valuable assets including cash, real estate, investments, and material possessions.
Bureau of Labor Statistics
Federal Poverty Level (FPL)
financial literacy
household income
income
the study of the relationship between economics and social behavior. PRODUCT PREVIEW
low income
lower-middle class
middle class
money management
median income
net worth
socioeconomics social mobility
upper middle class
wealth
wealth-building
strategies and practices which increase net worth.
white collar worker
occupational classification of workers who perform professional or managerial jobs, usually in an office setting.
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Chapter 1 | Getting Personal: You and Your Money
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