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personal finance

QuestionAnswer
Financial goal Measurable objectives related to acquiring or spending money
Financial planning A set of goals or objectives for spending and saving your money
SMART goal clear, structured target that helps you plan, track, and achieve your money objectives
Asset Things you own
Liability debts you owe
Need The things we need in order to survive
Want things we desire but are not necessary in our survival
Opportunity cost value of the next-best alternative you give up when you make a choice with your money, time, or resources
Wealth a plentiful supply of money or valuable goods
New Worth The difference between what you own and what you owe
Simple interest interest that does not compound
Compound interest earning interest on the principal plus on the interest you already earned
Principal the amount invested or the balanced owed on a loan
Rule of 72 how to find how long it will take to double your investment Formula: 72 / Annual Interest Rate = Years to Double Example (8% return): 72 ÷ 8 = 9 years
Created by: jessicamo12n
 

 



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