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Personal Finance

Personal Finance Unit 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 on one thing for another
Value Value A fundamental belief or practice about what what is desirable, worthwhile, and important to an individual
Want The desire for goods and services that can increase our quality of life are not absolutely necessary for our survival
Goal Something a person intends to acquire, achieves, or accomplish in the future
Financial Goals Specific objectives that are accomplished through financial planning
Short-term goal A goal that will be attained in less than one year
Financial Planning Managing money continuously through life in order to reach your financial goals
Long-term goals A goal that will be attained in more than one year
S- specific Clearly defined end result
M- measurable Determine exactly when you will know that the goal has been met
A- attainable Create a step-by-step plan outlining exactly
R- realistic For the goal to be real
T- Time Bound Specifically state when the goal will be reached
Created by: Session.3
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