A traditional financial product can be defined as a contract between two parties that controls cash flow both in the present and for an agreed upon time into the future. Bank accounts, insurance, investments, credit and loans are all common financial products. Certain products are merely matters of convenience, like using a credit card, whereas other products grow money as we prepare for retirement or larger investments. It is never too early to start looking into financial products, starting with a savings account. Whether you are waiting tables between classes or starting your first undergraduate job, growing your money in a savings account can never start too soon.
Depending on your line of work, disability income insurance is another product you might want to invest in to protect your savings should you be unable to work due to injury. Perhaps the most important and complicated product is life insurance, which covers situations as sudden as death and as temporary as loss of income. Either way, the importance of this financial product cannot be understated.