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Personal Finance Ins
UCA Personal Finance Institute-Chapter 1 Vocabulary
Question | Answer |
---|---|
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. |