| 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 |
| Want | 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 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 |
| Specific | Exact, clearly defined or explained |
| Measurable | A figure that can be objectively assessed |
| Attainable | Able to be reached |
| Realistic | In keeping with reality, likely to happen |
| Alternative | An option or choice |
| Time-bound | Containing a date when a goal will be reached |
