Take Charge of your Financial Well-Being Vocabulary

Specific objectives that are accomplished through financial planning

• Financial Goals

• Financial Well-Being

• Finanical Planning

• Well-Being

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

• Financial Planning

• Finanical Well-Being

• Financial Goals

• Well-Being

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

• Financial Goals

• Financial Well-Being

• Financial Planning

• Well-Being

Feeling good about one's life

• Financial Goals

• Financial Well-Being

• Financial Planning

• Well-Being

Goods or services that are required for survival

• Needs

• Opprotunity Cost

• Trade-Off

• Want

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

• Trade-Off

• Needs

• Value

• Opportunity Cost

GIving up one thing for another

• Opportunity Cost

• Needs

• Trade-Off

• Value

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

• Value

• Want

• Needs

• Trade-Off

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

• Long-term Goals

• Goal

• Short-term Goals

• Trade-Off