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Dollars and Sense

Termonology

TermDefinition
Personal Financial Planning Arranging to spend, save, and invest money to live comfortably,have financial security, and achieve goals (everything involving money)
Goals Things you want to accomplish
Values Beliefs and principles you consider important, correct,and desirable
Opportunity Cost What is given up when making one choice instead of another
Liquidity The ability to easily convert financial assets into sash without loss in value
Service A task that a person of a machine performs for you
Good A physical item that can be weighed or measured
Consumable Good Ex. soda can and a phone
Durable Good Ex. education (an intangible item)
Economics The study of the decisions that go into making, distributing, and using goods and services
Economy Consists of the ways in which people make, distribute, and use their goods and services
Supply The amount of goods and services available for sale
Demand The amount of goods and services people are willing to buy
Federal Reserve System The central banking organization of the U.S.
Inflation The rise in the level of prices for goods and services
Consumer A person who purchases and uses goods or services
Interest The price that is paid for the use of another's money
Time Value of Money The increase of an amount of money due to earned interest or dividends
Principal The original amount of money on deposit
Future Value The amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time
Annuity A series of equal regular deposits
Present Value The amount of money you would need to deposit now in order to have a desired amount in the future
Fixed Expanses Have the same amount of money due every month
Variable Expenses Have different amounts of money due each month depending on how much you use it or buy of it
6 Steps to Create a Financial Plan 1.Determine current financial situation 2.Develop financial goals 3.Identify options 4.Evaluate alternatives 5.Create and use financial plan 6.Review and Revise the plan
8 strategies Obtain, plan, spend wisely, save, borrow wisely, invest, manage risk, and plan for retirement
Short term Goal Accomplish in less than a year
Intermediate Goal Accomplish in 2-5 years
Long term Goal Accomplish in more than 5 years
Future Value Equation principle X interest rate= interest interest+principal=?
Economic Conditions Consumer prices, consumer spending, and interest rate
Goals should be... Realistic, Specific and clear. Also have a clear time frame and help you decide what action to take.
Created by: herrerasa14