Topics such as retirement and investing often come up in my household and I'm sure many others, but what may not be so common is when your 7 year old asks "Daddy what's a 401(k)?" after hearing the term mentioned in her favorite cartoon. I found myself struggling to break it down to her level of understanding, and then it hit me why so many people shy away from a financial education. The average working adult has a general idea of only a handful of financial topics, but the layman is overlooked when it comes to the lesser known yet pivotal aspects of the subject. Here we break down personal finance concepts and terminologies so plain and simple that a first grader could understand them.