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Personal Finance Ins

UCA Personal Finance Institute-Chapter 1 Vocabulary

QuestionAnswer
assets What you own
retirement planning Determining how much money you should set aside each year for retirement and how you should invest those funds.
personal financial plan A plan that specifies your financial goals and describes the spending, financing, and investing plans that are intended to achieve those goals.
insurance planning Determining the types and amount of insurance needed to protect your assets.
net worth The value of what you own minus the value of what you owe.
opportunity cost What you give up as a result of a decision.
budget planning ______ ______ is the process of forecasting future expenses and savings.
liquidity Your ability to access funds to cover any short
estate planning Determining how your wealth will be distributed before or upon your death.
risk Uncertainty surrounding the potential return on an investment.
Created by: smills01