Personal Finance Word Scramble
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Term | Definition |
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 |
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Session.3
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