| A | B |
|---|
| well-being | feeling good about one's life |
| needs | goods or services that are required for survival |
| wants | the desires for goods and services that can increase our quality of life but are not absolutely necessary for our survival |
| trade off | giving up one thing for another |
| opportunity cost | the value of the next best alternative that must be forgone as a result of a decision |
| financial goals | specific objectives that are accomplished through financial planning |
| financial planning | managing money continuously through life in order to reach your financial goals |
| financial well-being | managing money in ways that build a sense of understanding, competence, and control |
| value | a fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
| goal | something a person intends to acquire, achieve, or accomplish in the future |
| long-term goal | a goal that will be attained in more than a year |
| short-term goal | a goal that will be attained in less than one year |
