Glossary Financial Terms
J - L Joint account
An account with a financial institution
which is in the name of more than one person. A joint account is
able to be operated independently by those persons.
L Leasing
An agreement under which the owner of
property allows use of that property for a specified period of
time in return for set periodic payments.
Liabilities
Debts or financial obligations.
Lifestyle changes
Many people don’t realise what a difference
a change in their personal circumstances can make to their
financial situation. As you move through life each change brings
a different set of needs which may impact your overall planning
objectives, insurance needs, cash flow requirements and so on.
Think of these for a start: getting married, having children,
putting the kids through school, receiving an inheritance,
having a debilitating illness, losing a partner, downsizing home
when children move out. Each has its own effect on your
financial outlook. A professional financial adviser will take
your lifestyle now into account when making your plan and you
should review your financial plan whenever a major lifestyle
change occurs.
Loan term
The length of time covered by a loan.
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