Managing your money to reach financial goals.

Specific objectives that are accomplished through financial planning.

A goal that is achieved in less than a year.

A goal that is achieved in more than a year.

Giving up one thing for another.

The value of the next best alternative that must be forgone as a result of a decision.

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Term	Definition
Financial Planning	Managing your money to reach financial goals.
Financial Goal	Specific objectives that are accomplished through financial planning.
Short-term goal	A goal that is achieved in less than a year.
Long-term goal	A goal that is achieved in more than a year.
Trade-off	Giving up one thing for another.
Opportunity cost	The value of the next best alternative that must be forgone as a result of a decision.