Today we are going back to basics to discuss some financial terms. Why? If I have said it once, I have said it a million times, financial literacy is a critical skill for life. Everyone needs a basic understanding of it to be able to successfully manage their personal finances. Unfortunately, according to research by financial services organization TIAA, just 16% of Americans have a high level of financial literacy. And one of the primary barriers for many is the terminology that surrounds money issues.