The Teloria library

Short lessons that build on each other. Start anywhere; each topic begins with the basics.

How markets work

What a market is, who takes part, and why prices move.

Lesson 1 · 5 min readOpen to everyone
What a Financial Market Is
A plain explanation of what a financial market is: who trades in it, what an exchange does, how a company's first sale of shares differs from later trading between investors, and how a brokerage account fits in.
Lesson 2 · 5 min readMembers
Why prices move
A beginner explanation of why market prices rise and fall: buyers and sellers agreeing on a price, expectations about the future, news, interest rates and mood, and why short-term moves are noisy and unpredictable.

Stocks

Owning a piece of a company, and what that does and does not mean.

Lesson 1 · 4 min readOpen to everyone
What owning a stock means
A share of stock is a small piece of ownership in a company. This lesson explains the claim on profits and value that comes with it, the voting rights, the limits of that ownership, why companies sell shares, and why shareholders are paid last if a company fails.

Bonds

Lending money to governments and companies, and how interest rates affect it.

Lesson 1 · 4 min readMembers
What a bond is
A bond is a loan you make to a government or a company. This first lesson in the Bonds series defines issuer, face value, coupon and maturity, walks through the interest a $1,000 bond pays, and covers Treasury, municipal and corporate bonds and default risk.

Funds and ETFs

Buying many investments at once, and what it costs.

Lesson 1 · 4 min readMembers
Funds: buying many investments at once
A beginner's guide to mutual funds and ETFs: what a fund share represents, how net asset value is calculated, why mutual funds are priced once a day while ETFs trade all day, and what diversification does and does not protect against.

Retirement accounts

401(k), IRA, Roth: how US retirement accounts work.

Lesson 1 · 5 min readOpen to everyone
How a 401(k) works
A plain-language walkthrough of the workplace 401(k): payroll contributions, the 2026 IRS employee limit, traditional versus Roth tax treatment, employer matching with a worked example, vesting, and what happens with early withdrawals.

Risk and diversification

What risk really means, and why spreading it out matters.

Lesson 1 · 4 min readMembers
What investment risk means
A beginner's explanation of investment risk as the range of possible results, covering volatility, the link between risk and potential return, inflation risk in cash, and why short-term money is treated differently from long-term money.

Crypto

How crypto assets work, and the risks specific to them.

Lesson 1 · 4 min readMembers
What a cryptocurrency is
A beginner introduction to cryptocurrency: a digital asset recorded on a blockchain, how ownership works through private keys and wallets, self-custody versus holding on a platform, and why crypto prices come only from what buyers will pay.

Metals and commodities

Gold, silver, oil: what drives their prices.

Lesson 1 · 5 min readMembers
Gold and other precious metals as investments
A beginner's guide to why people hold gold and silver, the three main ways to own them, what each one costs, and the scams that US regulators warn about.

Taxes

How investment income is taxed in the United States.

Lesson 1 · 4 min readMembers
How investment income is taxed in the US
A beginner's guide to the main US federal taxes on investment income: short-term and long-term capital gains, qualified and ordinary dividends, interest, and how losses offset gains.

Banking and credit

Accounts, credit scores, and the foundations before investing.

Lesson 1 · 5 min readMembers
Bank accounts and emergency savings before investing
How checking and savings accounts work, what FDIC and NCUA insurance covers and up to what limit, why emergency money is commonly kept in insured accounts, and how high-interest debt compares with investment returns.