Take Charge of your Financial Well-Being Vocabulary

Specific objectives that are accomplished through financial planning

• Financial goals

• Financial planning

• Financial well-being

• Well-being

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

• Well-being

• Financial Goals

• Financial well-being

• Financial planning

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

• Financial well-being

• Financial goals

• Well-being

• Financial planning

Feeling good about one's life

• Financial well-being

• Well-being

• Financial planning

• Financial goals

Goods or services that are required for survival

• Trade-off

• Opportunity cost

• Needs

• Want

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

• Opportunity cost

• Trade-off

• Value

• Want

Giving up one thing for another

• Opportunity cost

• Want

• Needs

• Trade-off

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

• Needs

• Trade-off

• Value

• Want

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

• Value

• Want

• Needs

• Opportunity-cost

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

• Goal

• Long- term goals

• Short term goals

• Opportunity-cost