The granting of a loan and the creation of debt; any form of deferred payment

An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest

A system by which goods and services are produced and distributed

The knowledge and skill set necessary to be an informed consumer and manage finances effectively

A fee paid by a borrower to the lender for the use of borrowed money; it is typically calculated as a percentage of the principal (original loan amount)

A debt evidenced by a "note," which specifies the principal amount, interest rate, and date of repayment

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

Winning at money is 80%______ and 20%______

What is the first key component of a successful financial plan?