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Financial knowledge: the complete series

142 lessons in learning order. Start at the top if you are new; jump to any topic if you need a specific idea explained. Every lesson is plain English, with worked examples and no advice.

Market basics 15Trading and market structure 15Reading financial statements 15Ratios and business quality 15Valuation 15Advanced valuation and methods 15Technical analysis 15Portfolio, risk and behaviour 15Economy, sectors and the calendar 22

Market basics

  1. What is a stock? Ownership, shares and why prices moveA stock is a share of ownership in a company. Learn what shareholders actually own, how they can earn a return, and why stock prices change from day to day.
  2. How the stock market works: buyers, sellers and pricesSee how buyers and sellers are matched, how bids and asks set a stock's price, and who sits between your broker and the exchange when you place a trade.
  3. NYSE vs Nasdaq: how the main US exchanges differThe NYSE and Nasdaq are the two largest US stock exchanges. See how their trading models, listing rules and company mix differ, and why it rarely matters to you.
  4. What is a stock market index and how is it built?A stock index tracks a group of stocks with one number. Learn how price-weighted, market-cap-weighted and equal-weighted indexes are built and what they leave out.
  5. The S&P 500 explained: what it holds and why it mattersThe S&P 500 is the most widely followed benchmark of large US companies. Learn how it is chosen and weighted, what it leaves out and why concentration matters.
  6. Dow Jones, Nasdaq Composite and Nasdaq 100: what each measuresThe Dow, the Nasdaq Composite and the Nasdaq-100 are often quoted next to the S&P 500. See how each is built and why they can move differently on the same day.
  7. Market capitalization: how to size up a companyMarket capitalization is share price times shares outstanding. Learn how to calculate it, why it differs from enterprise value and what it can and cannot tell you.
  8. Large-cap, mid-cap and small-cap stocks comparedLarge-, mid- and small-cap stocks are grouped by market value. See the typical cut-offs, how risk and liquidity tend to differ, and why the labels are only rough guides.
  9. What is an IPO and how does a company go public?An initial public offering is when a private company first sells shares to the public. Learn the steps, who is involved, what lock-ups are and what risks to weigh.
  10. Common vs preferred stock: voting, dividends and priorityCommon and preferred stock are both equity but differ in voting rights, dividend certainty and priority in bankruptcy. See how they compare and who they suit.
  11. Stock splits and reverse splits: what changes and what does notA split changes the number of shares and the price per share, not the value of your holding. Learn how forward and reverse splits work and what they signal.
  12. What is an ETF and how does it work?An exchange-traded fund holds a basket of assets and trades like a stock all day. Learn how ETFs track an index, what they cost and where they can go wrong.
  13. ETF vs mutual fund vs individual stockCompare ETFs, mutual funds and individual stocks on trading, cost, taxes, diversification and control, so you can see which trade-offs each one carries.
  14. How bonds work: coupons, maturity and credit riskA bond is a loan you make to a government or company in return for interest and your money back at maturity. Learn the terms, the main risks and how ratings work.
  15. Why bond prices fall when yields riseBond prices and yields move in opposite directions. See why with a worked example, how duration measures the sensitivity, and what it means for stock valuation.

Trading and market structure

  1. Bid, ask, spread and liquidity explainedLearn what the bid, the ask and the spread mean, how they measure a hidden trading cost, and why liquidity decides how easily you can enter or exit a stock.
  2. Market, limit and stop orders: choosing the right order typeCompare market, limit, stop and stop-limit orders, see what each one guarantees and risks, and learn how time-in-force settings change when an order is active.
  3. Pre-market and after-hours trading: hours, risks and quirksSee when US extended-hours trading happens, why prices can swing on thin volume, and why an after-hours move does not always carry into the next open.
  4. Trade settlement and T+1: what happens after you buyLearn the difference between trade date and settlement date, how US stock settlement moved to T+1 in 2024, and what clearing does behind the scenes.
  5. Short selling explained: how it works and where it goes wrongLearn how selling borrowed shares works, why losses on a short can exceed the amount invested, and what short interest, borrow costs and squeezes actually mean.
  6. Margin and leverage: how borrowing amplifies gains and lossesUnderstand how margin accounts let you borrow to invest, how margin calls are triggered, and why leverage magnifies losses just as it magnifies gains.
  7. Options basics: calls, puts and what a premium buysLearn what call and put options are, how the premium is built from intrinsic and time value, and how to work out break-even and maximum loss for a buyer.
  8. Futures contracts basics: what they are and who uses themLearn what a futures contract is, how margin and daily settlement work, and why hedgers and speculators both use index and commodity futures.
  9. Bull and bear markets: definitions and what history showsLearn how bull and bear markets are usually defined, how long and how deep past US bear markets have been, and why the label only becomes clear after the fact.
  10. Market corrections and crashes: how they differ and how they endLearn how pullbacks, corrections, bear markets and crashes are defined, how recoveries have varied, and why a 50% loss needs a 100% gain to get back to even.
  11. Volatility and the VIX fear indexLearn what volatility measures, how the VIX turns S&P 500 option prices into an expected 30-day swing, and what it cannot tell you about market direction.
  12. Market makers and high-frequency tradingLearn how market makers quote both sides of a stock, how high-frequency traders use speed, and what both mean for the prices and liquidity everyday investors see.
  13. Dividends: declaration, ex-dividend, record and payment datesLearn the four dividend dates, who actually receives a payment, why the stock price drops on the ex-dividend date, and how T+1 changed the calendar.
  14. Share buybacks explained: when they help owners and when they do notLearn how share repurchases work, why they raise earnings per share, and how to tell a buyback that creates value from one that merely offsets dilution.
  15. Dual-class shares: voting control and what it means for investorsLearn how dual-class share structures separate voting power from ownership, why founders use them, and what to check in a proxy statement before you invest.

Reading financial statements

  1. How to read an income statement line by lineLearn what each line of an income statement means, from revenue down to earnings per share, and how to spot trends and one-time items along the way.
  2. How to read a balance sheet: assets, liabilities and equityUnderstand the balance sheet's three parts, assets, liabilities and equity, and learn which lines to check for liquidity, debt load and balance sheet quality.
  3. How to read a cash flow statementSee how the cash flow statement splits cash into operating, investing and financing activities, and how to tell a healthy cash generator from a profit-only story.
  4. Revenue and revenue recognition: when a sale countsLearn how companies decide when a sale becomes revenue, the five-step model behind it, and which warning signs suggest revenue is being recognized too early.
  5. Gross, operating and net margin explainedLearn how gross, operating and net margins are calculated, what each reveals about a company's costs, and why comparisons only work within the same industry.
  6. EBIT vs EBITDA: what each shows and what EBITDA hidesEBIT and EBITDA both measure operating profit, but EBITDA ignores the cost of using up assets. Learn the formulas, the variations and when each one misleads.
  7. Earnings per share: basic vs dilutedLearn how basic and diluted earnings per share are calculated, how options and convertibles change the share count, and why diluted EPS is usually the safer figure.
  8. Free cash flow explained and why investors prize itFree cash flow is the cash a business generates after paying to keep and grow its assets. Learn the formula, the variations, and how to read it without being fooled.
  9. Operating cash flow vs net income: spotting the gapNet income and operating cash flow often differ. Learn why the gap appears, which causes are harmless, and which persistent patterns call for a closer look.
  10. Capital expenditure (capex): maintenance vs growth spendingCapex is the money a company spends on long-lived assets. Learn where to find it, how maintenance and growth spending differ, and what capex ratios reveal.
  11. Working capital explained: inventory, receivables and payablesWorking capital is the cash tied up in day-to-day operations. Learn how receivables, inventory and payables work, and why growth can drain cash.
  12. Depreciation and amortization: non-cash charges that matterDepreciation and amortization spread the cost of long-lived assets over time. Learn how they work, why they are non-cash yet still matter, and how estimates move profit.
  13. Goodwill and intangible assets: what is really on the balance sheetGoodwill and intangibles often make up a big part of assets after acquisitions. Learn how they are created, tested for impairment and why tangible equity can differ.
  14. Deferred revenue: cash received before the work is doneDeferred revenue is a liability for money collected before a product or service is delivered. Learn how it turns into revenue, and what changes in it can signal.
  15. Stock-based compensation and share dilutionPaying employees in stock is an expense with no cash outflow, and it can dilute owners. Learn how to measure it and judge whether a company's share count is under control.

Ratios and business quality

  1. Debt-to-equity ratio: how to judge a company's borrowingLearn how the debt-to-equity ratio is calculated, what counts as a high or low reading, and why book equity can make the number misleading.
  2. Net debt to EBITDA: years of earnings needed to repay debtNet debt to EBITDA estimates how many years of operating earnings it would take to pay off a company's debt. See the formula, typical ranges and pitfalls.
  3. Interest coverage ratio: can profits pay the interest?The interest coverage ratio shows how many times operating profit covers interest expense. Learn the formula, rules of thumb, and what the number misses.
  4. Current ratio and quick ratio: short-term safetyThe current ratio and quick ratio test whether a company can pay its bills over the next year. Learn the formulas, a worked example and why context matters.
  5. Return on equity (ROE): what it shows and how leverage distorts itReturn on equity measures profit earned per dollar of shareholder capital. Learn the formula, the DuPont breakdown, and how debt and buybacks can distort it.
  6. Return on assets (ROA) explainedReturn on assets shows how much profit a company earns from everything it owns. Learn the formula, typical differences by industry, and the limits of ROA.
  7. ROIC explained: how well a business turns capital into profitROIC measures the after-tax operating profit a business earns on the capital invested in it. Learn the formula, how it compares with WACC, and its limits.
  8. WACC and the cost of capital explainedWACC is the blended rate a company must earn to satisfy both lenders and shareholders. Learn the formula, a worked example, and why small changes matter.
  9. Economic moats: the five sources of durable advantageAn economic moat is a lasting competitive advantage that protects profits. Learn the five main sources, how to spot evidence in the numbers, and how moats fade.
  10. Operating leverage: why profits swing more than salesOperating leverage explains why a small change in sales can cause a large change in operating profit. Learn the formula, a worked example and how to use it.
  11. Asset turnover and inventory turnoverTurnover ratios show how efficiently a company uses its assets and inventory to generate sales. Learn the formulas, days of inventory, and common pitfalls.
  12. Days sales outstanding and the cash conversion cycleThe cash conversion cycle counts the days between paying for inputs and collecting from customers. Learn DSO, DIO, DPO and what trends in them reveal.
  13. Dividend payout ratio and dividend sustainabilityThe payout ratio shows what share of profit or free cash flow a company pays out as dividends. Learn the formulas, how to read them, and where they mislead.
  14. Piotroski F-Score explained: nine tests of financial strengthThe Piotroski F-Score awards up to nine points for improving profitability, balance sheet strength and efficiency. Learn each test, a worked example and limits.
  15. Altman Z-Score explained: a distress warning gaugeThe Altman Z-Score combines five financial ratios into one number that gauges bankruptcy risk. Learn the formula, the zones, a worked example and the limits.

Valuation

  1. Price-to-earnings (P/E) ratio: what it tells you and what it does notLearn how the P/E ratio is calculated, how to read it against growth and peers, and why a low or high number alone never settles whether a stock is cheap.
  2. Forward P/E vs trailing P/EUnderstand how trailing and forward P/E differ, what the gap between them implies about expected growth, and how to compare them without mixing definitions.
  3. The PEG ratio: pairing P/E with growthThe PEG ratio divides a stock's P/E by its expected earnings growth. Learn how to compute it, where the rule of thumb comes from, and why it often misleads.
  4. Price-to-sales ratio: valuing companies without profitsPrice-to-sales compares market value with revenue. Learn the formula, how margins link it to P/E, and why a low P/S is not automatically a bargain.
  5. Price-to-book ratio: when book value is a useful anchorPrice-to-book compares a stock's price with accounting net worth. Learn when book value is a meaningful anchor, such as for banks, and when it misleads.
  6. Enterprise value, EV/EBITDA and EV/EBITLearn how enterprise value is built from market cap, debt and cash, and how EV/EBITDA and EV/EBIT compare companies with different amounts of debt.
  7. Price-to-free-cash-flow and FCF yieldPrice-to-free-cash-flow and FCF yield measure what you pay for the cash a business has left after investment. Learn the formulas, a worked example and the traps.
  8. Dividend yield explained, including the high-yield trapDividend yield is annual dividends divided by price. Learn how it is calculated, why a very high yield can signal trouble, and how to test whether a payout is safe.
  9. Discounted cash flow (DCF) basics, step by stepA DCF values a business as the present value of the cash it will produce. Follow the five steps with a worked example and see why the inputs matter so much.
  10. Terminal value: the part of a DCF that does most of the workTerminal value captures all cash flows beyond a DCF's forecast period and often drives most of the result. Learn the two methods and how sensitive they are.
  11. Discount rates and the CAPMThe discount rate turns future cash into today's value, and the CAPM is the standard way to set the cost of equity. Learn the formula, its inputs and its limits.
  12. Beta explained: measuring a stock's sensitivity to the marketBeta measures how strongly a stock's returns have moved with the overall market. Learn how it is estimated, how to read it, and what it leaves out.
  13. The equity risk premium: the reward for owning stocksThe equity risk premium is the extra return investors expect for holding stocks over risk-free bonds. Learn the three ways to estimate it and why it matters.
  14. Margin of safety: Graham's rule for imperfect estimatesMargin of safety means buying only at a meaningful discount to a conservative estimate of value. Learn the formula, the logic and how large a cushion to ask for.
  15. Intrinsic value vs market pricePrice is what the market pays today; intrinsic value is what a business is worth based on the cash it can produce. Learn why they differ and how to use the gap.

Advanced valuation and methods

  1. Reverse DCF: what growth is the price already assuming?A reverse DCF starts from today's stock price and solves for the growth it implies, so you can judge whether the market's expectations look realistic.
  2. Earnings power value: what a business is worth with no growthEarnings power value capitalizes normalized after-tax operating profit at the cost of capital, giving a no-growth value that often serves as a conservative floor.
  3. Relative valuation with peer multiplesRelative valuation compares a stock's multiples with those of similar companies. Learn how to pick peers and multiples, and where the method can mislead you.
  4. Regression-based multiples: what growth, ROIC and margin justifyA regression-based multiple estimates the valuation ratio that a company's growth, returns on capital and margins justify, instead of just copying the peer median.
  5. Why fair value is a range, not a pointAny fair value estimate carries large error. Learn why valuation models disagree, how a margin of safety handles it, and how StocksXray labels stocks.
  6. How the StocksXray X-Ray Score worksThe X-Ray Score condenses valuation, growth, profitability, financial health and dividends into one 0-100 number. See the weights, the math and what it ignores.
  7. The five lenses: valuation, growth, profitability, financial health, dividendsA stock can be cheap, growing, profitable, safe or generous with dividends, and rarely all at once. Learn what each of the five X-Ray lenses asks and measures.
  8. Beneish M-Score and spotting earnings manipulationThe Beneish M-Score combines eight accounting ratios to estimate how likely a company is to have manipulated its earnings. Learn the formula and its limits.
  9. Cyclical stocks and normalized earningsCyclical companies look cheapest at peak profits and priciest at the bottom. Learn why the P/E misleads and how normalizing earnings gives a fairer picture.
  10. Growth vs value investingGrowth investors pay up for fast expansion, value investors look for low prices relative to fundamentals. Compare the two styles and see why the divide is blurry.
  11. Quality investing: buying high-return businessesQuality investing favors companies with high returns on capital, stable profits and strong balance sheets. Learn what quality means, how to measure it and its traps.
  12. Dividend growth investing: strategy, strengths and trapsDividend growth investing targets companies that raise payouts year after year. Learn how the strategy works, the math of growing income and the traps to avoid.
  13. The Rule of 40 and software metrics: ARR, churn, net retentionSoftware companies are judged on recurring revenue, retention and the Rule of 40. Learn how ARR, churn and net revenue retention work and where they mislead.
  14. How to read a 10-K annual reportThe 10-K is the most complete public document a US-listed company files each year. Learn its structure, which sections to read first and what to watch for.
  15. 10-Q, 8-K and proxy statements: the other SEC filingsBeyond the annual 10-K, the 10-Q, 8-K and proxy statement keep investors current on results, events and governance. Learn what each contains and why it matters.

Technical analysis

  1. Technical analysis basics: what charts can and cannot tell youLearn what technical analysis is, the ideas behind it, the main families of indicators, and why chart signals are clues about price behavior, not forecasts.
  2. Moving averages: SMA vs EMALearn how the simple and exponential moving averages are calculated, how they differ, and how chart readers use them to judge trend direction.
  3. Golden cross and death crossUnderstand how the golden cross and death cross are defined, why they lag, when they produce false signals, and how to put them in context.
  4. RSI explained: momentum, overbought and oversoldLearn how the Relative Strength Index is calculated, what the 70 and 30 levels mean, and why overbought does not mean sell and oversold does not mean buy.
  5. MACD explained: signal line, histogram and crossoversSee how MACD is built from two exponential averages, what the signal line and histogram show, and why crossovers lag and sometimes whipsaw.
  6. Bollinger Bands and the squeezeLearn how Bollinger Bands are built from a moving average and standard deviation, how to read bandwidth and %B, and what a squeeze does and does not signal.
  7. Support and resistance levelsLearn what support and resistance are, how to find them on a chart, why broken levels often switch roles, and why they work better as zones than as exact lines.
  8. Trend lines and channelsLearn how to draw trend lines and channels, what a third touch and a break mean, and why log scale, steepness and subjectivity matter when reading them.
  9. Candlestick basics and the patterns worth knowingLearn how to read a candlestick, what a doji, hammer, engulfing pattern and star formation show, and why context matters more than the pattern name.
  10. Volume and on-balance volume (OBV)Learn what trading volume measures, how to spot unusual volume, and how on-balance volume turns it into a running total, plus what each can and cannot show.
  11. Average True Range (ATR): measuring volatility for stops and sizingLearn how ATR measures a stock's typical daily range, including gaps, and how traders use it to set stop distances and size positions to a fixed risk.
  12. The stochastic oscillator explainedLearn how the stochastic oscillator shows where a close sits within its recent range, how %K and %D work, and how it differs from RSI and MACD.
  13. RSI divergence: bullish and bearishLearn what bullish and bearish RSI divergence look like, why they can warn that momentum is fading, and why they need confirmation before they mean much.
  14. Breakouts and false breakoutsLearn what a breakout is, the filters chart readers use to judge it, why many breakouts fail, and how to define in advance what a failure looks like.
  15. How to use the StocksXray technical scannerA practical guide to the StocksXray technical scanner: what each preset looks for, how to check a result, and how to combine chart signals with fundamentals.

Portfolio, risk and behaviour

  1. Diversification explained: what it does and does not protect againstSee how spreading money across different holdings reduces company-specific risk, why it cannot remove market risk, and where hidden concentration creeps in.
  2. Asset allocation: the decision that drives most of your resultLearn how splitting money among stocks, bonds and cash sets a portfolio's overall risk, how to think about choosing a mix, and the mistakes that undermine it.
  3. Rebalancing a portfolioLearn why portfolio weights drift, the main ways to rebalance, what it costs in trading and taxes, and what it can and cannot do for risk and returns.
  4. Dollar-cost averaging vs lump sum investingCompare investing a fixed amount on a schedule with investing everything at once, see how average cost works, and learn what history says about each approach.
  5. Risk tolerance and time horizonLearn the difference between willingness, ability and need to take risk, how time horizon changes the picture, and how to test your own tolerance honestly.
  6. Drawdown, standard deviation and other risk measuresUnderstand maximum drawdown, standard deviation, downside deviation, beta and value at risk, how each is calculated, and what each one misses.
  7. The Sharpe ratio and risk-adjusted returnsLearn how the Sharpe ratio measures return earned per unit of volatility, how to calculate and compare it, and why a high figure can still mislead.
  8. Correlation between stocks and why it movesLearn what a correlation coefficient measures, how it relates to beta and diversification, and why correlations between stocks change, especially in a crisis.
  9. Position sizing: how much to put in one stockLearn how position size decides what one mistake costs, three common ways to size a holding, and why correlation and uncertainty argue for restraint.
  10. Stop-loss orders: pros, cons and gapsLearn how stop, stop-limit and trailing stop orders work, why overnight gaps and whipsaws can defeat them, and what a stop can and cannot guarantee.
  11. Behavioral biases: loss aversion, anchoring, confirmation biasLearn how loss aversion, anchoring and confirmation bias distort investing decisions, with simple examples and practical habits that reduce their influence.
  12. FOMO, herd behavior and bubblesUnderstand why fear of missing out and herd behavior push investors toward buying after big runs, how bubbles form and burst, and how to build defenses.
  13. A practical checklist before you buy a stockBuild a reusable pre-purchase checklist covering the business, earnings quality, balance sheet, valuation, risks and portfolio fit, with limits you should know.
  14. How to research a stock in an afternoonFollow a time-boxed, three-hour routine for researching a stock: the business, the filings, the numbers, valuation, risks and a one-page thesis.
  15. Common investing mistakes and how to avoid themReview the most common investing mistakes, from market timing and concentration to costs, leverage and overtrading, with practical ways to reduce each one.

Economy, sectors and the calendar

  1. Inflation and stocksSee how inflation reaches stock prices through company costs, pricing power and interest rates, and why real returns matter more than nominal ones.
  2. Interest rates, the Federal Reserve and stock pricesLearn what the Federal Reserve controls, how interest rates feed into stock valuations and earnings, and why expectations often matter more than decisions.
  3. The yield curve and recession signalsUnderstand what the Treasury yield curve shows, why an inverted curve has often preceded recessions, and why it is a warning signal and not a timing tool.
  4. GDP, CPI, PMI and jobs data: the indicators that move marketsLearn what GDP, CPI, PMI and the monthly jobs report measure, who publishes them, how to read them, and why surprises matter more than the headline numbers.
  5. Economic regimes and how to read the StocksXray Market CompassLearn how growth and inflation define four economic regimes, and how to read the Market Compass risk gauge, regime quadrant, sector outlook and scenarios.
  6. The 11 GICS sectors explainedLearn how the Global Industry Classification Standard groups companies into 11 sectors, what each sector contains, and why comparing within a sector matters.
  7. Information technology sector: how it makes money and what to watchLearn how software, semiconductor and hardware companies earn money, which metrics matter in the information technology sector, and what risks to weigh.
  8. Health care sector: how it makes money and what to watchLearn how drugmakers, device makers, insurers and providers earn money, which metrics matter in the health care sector, and what risks to consider.
  9. Financials sector: banks, insurers and what to watchLearn how banks, insurers and asset managers earn money, why standard ratios like EV/EBITDA fit them poorly, and which metrics matter in the financials sector.
  10. Consumer discretionary sector: how it makes money and what to watchLearn how carmakers, retailers, restaurants and homebuilders earn money, why the consumer discretionary sector is cyclical, and which metrics to watch.
  11. Consumer staples sector: how it makes money and what to watchLearn how food, beverage, household product and grocery companies earn money, why consumer staples is called defensive, and which metrics and risks to watch.
  12. Energy sector: how it makes money and what to watchLearn how energy companies earn money from oil, gas and fuels, why their profits swing with commodity prices, and which metrics matter in a cyclical sector.
  13. Industrials sector: how it makes money and what to watchSee how industrial companies earn money from machines, contracts and transport, and learn to read backlog, book-to-bill, margins and cycle sensitivity.
  14. Materials sector: how it makes money and what to watchUnderstand how chemicals, metals, mining, packaging and construction materials companies earn money, why prices drive results, and which metrics help.
  15. Utilities sector: how it makes money and what to watchLearn how regulated utilities earn a return on their assets, why they carry heavy debt and pay big dividends, and what to check before judging one.
  16. Real estate sector and REITs: how they work and what to watchLearn how REITs earn rent, why the law requires large dividends, and why FFO and AFFO replace earnings per share when judging real estate stocks.
  17. Communication services sector: how it makes money and what to watchSee how phone carriers, internet platforms, streaming and media companies earn money, and which metrics fit each business model within this mixed sector.
  18. Earnings season, guidance and why stocks jump on resultsLearn how quarterly earnings seasons work, what consensus estimates and guidance are, and why a stock can fall after a good report or rise after a weak one.
  19. Analyst ratings and price targets: how to read themUnderstand what Buy, Hold and Sell ratings and 12-month price targets mean, how analysts build them, and why they are inputs to weigh rather than answers.
  20. Insider buying and selling: what it can signalLearn who counts as an insider, how Form 4 filings work, and why open-market insider purchases usually say more than sales, plus the limits of the signal.
  21. Capital gains and dividend tax basics for investors (US)A plain-English guide to how US taxes treat stock gains and dividends, including holding periods, qualified dividends, losses, wash sales and cost basis.
  22. 401(k), IRA and Roth basics for investors (US)A plain-English overview of US retirement accounts: how 401(k)s, traditional and Roth IRAs differ, when the tax comes, and how withdrawals and limits work.

Educational only, not financial advice.