ÉpargnaLearn to invest wellThe vocabulary of saving and investing, defined simply. From French tax wrappers to ideas about risk and crypto, so you can read our guides and comparisons without getting lost.
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The terms to start with, in order
10 definitions that follow on from each other: first make yourself safe, then understand the return / risk pairing, and finally equip yourself for your first steps. Tap a step to jump to its definition.
Pairs of ideas that often get muddled at the start. One line to tell them apart once and for all — and the definitions to reread in a single tap.
Saving means setting aside money that stays available and risk-free, for the unexpected. Investing means accepting that the value fluctuates in exchange for the potential of a long-term gain. The order matters: you save first (the foundation), you invest afterwards.
RereadEmergency fundInvestment horizonTwo accounts for investing in the stock market. The PEA offers lighter taxation after 5 years, but is limited to European shares and caps contributions; the securities account accepts anything, anywhere, with no cap — but with no tax advantage of its own.
RereadPEASecurities accountTwo cautious homes for money, two different worlds. The Livret A is a regulated savings account, tax-exempt and available at any time; the fonds euros lives inside an assurance-vie — its guarantee depends on the contract and its taxation on the wrapper.
RereadLivret AFonds eurosAssurance-vieA share makes you a part-owner of the company: a value that fluctuates, a dividend that is never guaranteed. A bond makes you its lender: interest agreed in advance, but with a risk that the issuer defaults.
RereadShareBondDividendThe whole difference comes down to the internet connection: the hot wallet (connected) is handy day to day but more exposed to hacking; the cold wallet (offline) better protects what you hold for a long time.
RereadHot walletCold walletThey do not add up: the social levies (18.6% in 2026) are already included in the 31.4% PFU, alongside the income tax share (12.8%). So when someone says “flat tax”, both are already counted. Careful: some income, including unfurnished letting (revenus fonciers), remains subject to 17.2% of social levies — but furnished letting (LMNP) is at 18.6%.
RereadPFUPrélèvements sociauxCapital gainTwo regulated savings accounts, guaranteed and tax-exempt. The LEP is reserved for modest incomes (subject to means testing) with a generally more favourable rate; the Livret A is open to everyone. If you are eligible for the LEP, it comes first — eligibility can be checked on the official sources.
RereadLEPLivret AEmergency fundA share is a single company: everything rests on it. An ETF is a basket that replicates a whole index — dozens or hundreds of companies at once: diversification is built in. Starting with a broad ETF avoids staking your savings on a single name.
RereadETFShareIndexThe whole question is “who decides?”. With a managed portfolio, a professional switches on your behalf according to your profile, for extra fees; self-directed, you choose your own investment options, more cheaply but with more work. Neither is “better” in absolute terms.
RereadManaged portfolioSelf-directed managementManagement feesTwo ways of investing in property without buying a property, but two different logics: an SCPI makes you a lasting part-owner of a portfolio (potential rents, resale possible but never guaranteed); crowdfunding has you lend to a specific project, with capital locked until maturity and a risk of default.
RereadSCPIProperty crowdfundingThe deposit guarantee (FGDR) protects money deposited with a bank if the institution fails. The “guaranteed capital” of a fonds euros is a commitment from the insurer, specific to the assurance-vie contract. Two different protections — and neither covers the losses of an investment whose value fluctuates.
RereadDeposit guaranteeFonds eurosAssurance-vieTheir guarantees are exact opposites: the market order guarantees (almost always) execution, never the price; the limit order guarantees the price, never execution. On an illiquid asset, control over the price becomes precious — hence the reflex of the limit order.
RereadMarket orderLimit orderSlippageBoth trigger on a threshold, but what follows differs: the stop-loss sends a market order (execution almost certain, price uncertain); the stop-limit places a limit order (price controlled, execution uncertain if the price jumps the range). Each one moves the risk — neither removes it.
RereadStop-lossStop-limitSlippageOn the spot market you genuinely own the asset and your loss is capped at your stake. With leveraged derivatives (margin, futures), you are exposed beyond your stake: gains and losses amplified, automatic liquidation possible. When starting out, you stay on the spot market.
RereadSpotFuturesLeverageLiquidationThe role depends on your order: if it rests in the book without executing straight away (a limit order), you provide the liquidity — maker; if it consumes an order already there (a market order), you take it away — taker. Many platforms apply different fees depending on that role.
RereadMaker / takerMarket orderLimit orderRead, then remember
Test yourself: 10 questions drawn from this glossary
A quiz that picks at random from the definitions above: every correction points back to its entry. Replay it as often as you like — it changes every time.
This glossary grows with everything we publish. Follow the How to invest path to learn step by step, find detailed explanations on the blog, browse our guides, then compare the offers in our comparison tools to move from theory to practice.