| 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 |
| Needs | Goods or services that are required for survival |
| Opportunity Cost | The value of the next best alternative that must be forgone as a result of a decision |
| Trade Off | Giving up one thing for another |
| Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
| Wants | The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival |
| Goal | Something a person intends to acquire, achieve, or accomplish in the future |
| Long Term Goals | A goal that will be attained in more than one year |
| Short Term Goals | A goal that will be attained in less than one year |
