Take Charge of Your Financial Well-Being Vocabulary

Specific objectives that are accomplished through financial planning:

• goal

• financial planning

• financial goals

• well-being

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

• long-term goals

• want

• trade-off

• financial planning

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

• long-term goals

• goal

• short-term goals

• well-being

A goal that will be attained in more than ONE year

• goal

• long-term goal

• short-term goal

• needs

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

• value

• trade-off

• financial planning

• opportunity cost

A goal that will be attained in less than a year

• goal

• short-term goal

• trade-off

• long-term goal

Giving up one thing for another

• opportunity cost

• want

• Trade-off

• value

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

• want

• value

• financial goals

• financial well-being

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

• wants

• needs

• value

• opportunity cost

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

• financial goals

• financial planning

• financial well-being

• trade-off