Money In Your Life + Financial Decisions and Goals

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Financial Goals

• Specific objectives that are accomplished through financial planning

• Managing money continuously through life in order to reach your financial goals

• Managing money in ways that build a sense of understanding, competence, and control

• Feeling good about one’s life

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Financial Planning

• Specific objectives that are accomplished through financial planning

• Managing money continuously through life in order to reach your financial goals

• Managing money in ways that build a sense of understanding, competence, and control

• Feeling good about one’s life

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Financial Well-Being

• Specific objectives that are accomplished through financial planning

• Managing money continuously through life in order to reach your financial goals

• Managing money in ways that build a sense of understanding, competence, and control

• Feeling good about one’s life

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Well Being

• Specific objectives that are accomplished through financial planning

• Managing money continuously through life in order to reach your financial goals

• Managing money in ways that build a sense of understanding, competence, and control

• Feeling good about one’s life

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Needs

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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Opportunity Cost

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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Trade Off

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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Value

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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Want

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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Goal

• Something a person intends to acquire, achieve, or accomplish in the future

• A goal that will be attained in more than one year

• A goal that will be attained in less than one year

• Managing money continuously through life in order to reach your financial goals

• The value of the next best alternative that must be forgone as a result of a decision