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1.03 PF
Setting Financial Goals
Term | Definition |
---|---|
Financial Goals | Specific objectives that are accomplished through financial planning. |
Financial Planning | Managing money continuously through life in order to reach your financial goals. |
Goal | Something a person intends to acquire, achieve, or accomplish in the future. |
Long- term goals | A goal that will be attained in more than one year. |
Opportunity cost | The value of the next best alternative that must be forgone as a result of a decision. |
Short- term goals | A goal that will be attained in less than one year. |
Trade-off | Giving up one thing for another. |