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GLOSSARY
Permanent loan
A long term mortgage ranging anywhere from 10 to 30 years. Sometimes called an end loan.
Personal Equity Plan - PEP
Personal equity plan, or PEP, is a type of investment plan that used to be available to U.K. citizens. PEPs encouraged investments by offering tax-free income and capital gains. PEPs were discontinued in the 1990s and replaced with Individual Savings Accounts.
Personal finance
Personal finance is a general term that refers to the strategies and practices of managing an individual's or household's money. Personal finance encompasses saving, budgeting, investing, etc.
Personal finance manager
A personal finance manager is a software program that helps individuals and households manage their money. Personal finance managers may have account registers, as well as budgeting and investment tools. Many also allow for data sharing with major banking and investment institutions.
Personal guarantee
A personal guarantee is an individual's agreement with a lender to repay the debts of a business. Loans made to start-up businesses require personal guarantees. As businesses become more established, the personal guarantee requirement will become a point of negotiation between the corporate officers and the lender.
Personal identification number
A personal identification number, or PIN, is a confidential password needed to access personal banking information at ATM machines, and to conduct purchase transactions using a debit card.
Personal income
Personal income is the total of an individual's gross earned, investment and passive business income.
Personal injury protection
Personal injury protection, or PIP, is an optional set of benefits available on an auto insurance policy. PIP pays medical expenses resulting from an auto accident.
Personal interest
Personal interest is interest charged on personal loans and credit card accounts. Personal interest is not tax-deductible.
Personal loan
Money borrowed from a lender where property is not used as collateral. The rates are higher, like credit cards, and are generally smaller denominations over a two year period.
Personal property
Personal property, also known as chattel, is any owned property that isn't permanently attached to one location. Any property other than real estate is usually regarded as personal property. Most lenders will not place liens on personal property, because the risk is much higher that the borrower can flee and take the property with him.
Personal property liability
Personal property liability is a type of automobile insurance coverage that pays for damages to another party's car or property when you're at fault.
Personal property taxes
Personal property taxes are assessments charged to owners of certain types of movable property (property other than real estate). Most commonly, personal property taxes are assessed by states and local governments on things like cars, motorcycles, boats, recreational vehicles, airplanes, campers, etc.
Personal use property
Personal use property is chattel that's owned for personal enjoyment rather than business or investment purposes. The distinction is important because losses associated with personal use property may not be tax-deductible.
Philanthropy
Philanthropy is the practice of supporting the well-being of the human race. It's usually associated with giving donations to charitable organizations that pursue humanitarian objectives.