I wanted to (finally) give you a money dictionary that doesn’t require a dictionary to understand the word’s definition. That doesn’t exist . . . so I made my own. You know how you explain a term to a friend who doesn’t “get” it? That’s the way it’s written here. Let this glossary be your go-to guide for definitions with a practical perspective whenever you need a little cheat-sheet. Some stuff changes over the years, but these basics never go out of style.
Wage Garnishment -
Wage Garnishment: If you owe money on a credit card or a loan, and don’t pay it back, the lender can go to court to get an order that allows them to take a chunk out of your paycheck until the debt is repaid. This is called a “garnish” (I know, not cute like the other meaning of “garnish” as in to decorate). This is how bill collectors get paid whether you want to pay them or not.
Wall Street Journal, The -
Wall Street Journal, The: Also known as simply the Journal, it is one of only two national newspapers in this country (the other is USA TODAY). If you want to know about the financial world, the markets, or anything business, you want to get a subscription pronto.
Wealth Management -
Wealth Management: This is kind of a one-stop-shopping financial services deal. You can get help with your taxes, investments, and estate planning all under one roof—for a fee, of course; usually a percentage of the value of the assets they are managing. Keep in mind, there is usually a minimum to get this service, which can be six figures. That’s why they call it “wealth management” and not just “money management.”
White Knight -
A company or person that swoops in during a hostile takeover to buy a company and does so on terms that are favorable to that company (like
letting the management stay in place) when another company attempts a buyout. (See also: Hostile takeover)
White Space -
Borrowing from the idea of a printed page, white space is where there is no print— in business, it’s the space in an industry or market for a new
business to enter. If the market is saturated, there is no white space. If there’s no one else doing what you’re proposing to do, then that white space is yours for the taking!