| 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 |
| 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 a year |
| Opportunity cost | The value of the next best alternative that must be forgone as a result of a decision |
| Short-term goals | A goal that will be attained in less than one year |
| Trade-off | Giving up one thing for another |
| SMART | Specific, Measurable, Attainable, Realistic, and Time-bound. |
