| Flap 1 | Flap 2 |
| 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. |
