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Personal Finance

Personal financial planning

TermDefinition
Personal financial planning A person's arrangement to spend, save, and invest their money in order to live comfortably, have financial security, and achieve goals
Goals Things you want to accomplish
Values Beliefs and principles you consider important, correct, and desirable
Liquidity The ability to easily convert assets into cash without a loss in value
Service A task that a person or machine performs for you such as haircut or tax preparer
Good A physical item that is produced and can be weighed or measured
Consumer A person or entity that purchases and uses goods and services
Interest The price that is paid for the use of another's money
Opportunity cost The thing that is given up when one thing is chosen above another. The next best thing.
Time value of money The increase in an amount of money due to earned interest or dividends
Principal The original amount of money deposited or borrowed that earns or costs interest
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 An amount of money you need to deposit now to attain a desired amount in the future
Estimate Make an approximate calculation of
Consume Use up quickly
Weigh Consider among options
Accumulate Collect over time