| A | B |
|---|
| 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 |
| Well-being | Feeling good about one's life |
| Trade-off | Giving up one thing for another |
| Opportunity Cost | the value of the next best alternative that must be forgone when making a decision |
| Short-term goal | attained in less than one year |
| Education pays in the form of | higher earnings and lower unemployment rates |
| Goal | The end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future |
| Standard of living | The level of material comfort as measured by the goods, services and luxuries you are able to purchase |
| Lifestyle | Your habits, attitudes, tastes, moral standards and the amound of goods and services that you consume |
| Human Capital | The skills, knowledge and experiences possessed by an individual |
| Career | A lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions |
| Job | An activity through which an individual can earn money |
| Transferable Skills | Versatile skills that are applied to personal and professional roles |
| Occupation | Grouping of jobs that perform similar tasks |
| Industry | Group of establishments (businesses) that produce similar products or provide similar services |
| Career Cluster | Grouping of occupations and industries based on the knowledge and skills required |
| Formal Continuing Education | Training for a specific set of new skills provided by experts in a particular field |
| Informal Continuing Education | Occurs through social interactions, networking, life's experiences and reading |
| Examples of Transferable Skills | Interpersonal, Analytical, Technical, Organizational |
| Specific | State exactly what is to be done with the money involved |
| Measurable | Write the exact dollar amount |
| Attainable | Create a step-by-step plan outlining exactly how the goal can be reached |
| Realistic | Thinking through the trade-offs and opportunity costs to analyze the consequences of your goal to make sure it isn't unrealistic |
| Time Bound | Specifically stating when the goal will be reached |
