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1.00 Well-being

Personal Finance 1

TermDefinition
Need Goods or services that are required for survival
Opportunity Cost The value of the next best alternative that must be forgone as a result of a decision
Trade-Off Giving up one thing for another
Value A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Want The desire for goods and services that can increase our quality of life but are not necessary for survival
Emotional Well-being meditation, coping with negative experiences
Physical well-being exercising, 8-10 hours of sleep
Social Well-being hanging out with friends, family reunion
Financial well-being budgeting money, savings account
Intellectual well-being researching a topic, tutoring sessions
Financial Goal specific objectives that are accomplished through financial planning
Goal something a person intends to acquire, achieve, or accomplish in the future
Short-term Goal goal that will be attained in less than one year
long-term goal goal that will be attained in over one year
Financial planning managing money continuously through life in order to reach your financial goals
Created by: 1436891
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