Take Charge of Your Financial Well-Being Vocabulary

Well-Being is...

• Specific objectives that are accomplished through financial planning.

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

• Feeling good about one's life.

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

Financial planning is...

• 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

Financial well-being is...

• Feeling good about one’s life

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

• Specific objectives that are accomplished through financial planning

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

  control

Financial goals are...

• 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

Needs are...

• 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

Opportunity Cost is...

• 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

Trade-offs are...

• 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

Value is...

• 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

Wants are...

• 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

Goals are...

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

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

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

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

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