Money & mind · Module 2 of 4
Money and the people around you
Talking money with a partner or family, when one saves and one spends, and saying no kindly.
Key terms in Money and the people around you
- Joint account
A joint account is a bank deposit account owned by two or more people. Under Federal Deposit Insurance Corporation rules, all co-owners must be living individuals, must have equal rights to withdraw, and must sign the account's signature card. Each co-owner's share of all joint accounts at one insured bank is added together for deposit insurance, and shares are presumed to be equal unless the records state otherwise.
Source: Federal Deposit Insurance Corporation, Joint Accounts
- Community property
Community property is a legal system in which most assets and debts acquired during a marriage belong equally to both spouses. Each spouse holds an automatic half interest, whichever name appears on a title or paycheck. Nine U.S. states follow this system, including California, Texas, and Washington. Most other states use common-law property rules, under which ownership generally follows who holds title.
Source: Internal Revenue Service, IRM 25.18.1, Basic Principles of Community Property Law
- Coerced debt
Coerced debt is debt a person takes on because of threats, force, or manipulation by someone else, often an abusive partner or family member. It can include credit cards or loans opened in the victim's name without consent, or signed under pressure. The Consumer Financial Protection Bureau has described it as a form of financial abuse that can damage credit and make leaving a harmful situation harder.
Every term on Lever is in the money glossary.
About this module
Money and the people around you is part of Money & mind, one of 15 subjects in Lever. It’s a short run of 9 lessons, about 23 minutes in all, so you can finish it in one sitting.
Every lesson takes one idea at a time. You read it with the math worked out step by step, answer a question that puts it to use, then see why the right answer is right and why the others aren’t.
It’s for anyone who was never taught this, and you don’t need to know anything first. Every lesson is free. Lever works out what you already know, so you can start here or let your path bring you to it.
More in Money & mind
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1
What money does to your head
Emotional spending, the stress of having too little, and how to spend on what you value without guilt.
10 lessons -
3
The gap between wanting and buying
Why we buy on impulse, how stores nudge you, and simple ways to buy only what you really want.
6 lessons -
4
Passing it on
Beneficiaries, wills made simple, and giving to the causes you care about.
5 lessons
Try this module
It’s part of Money & mind. Lever will bring it to you when you’re ready, or you can go straight there.