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personal financial planning
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arranging to spend, save, and invest money to live comfortably, have financial security, and achieve goals
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personal financial planning
arranging to spend, save, and invest money to live comfortably, have financial security, and achieve goals
goals
the things you want to accomplish
values
the beliefs and principles you consider important, correct, and desirable
need
something you must have to survive, such as food, shelter, and clothing
want
something you desire or would like to have or do
opportunity cost
what is given up when making one choice instead of another
liquidity
the ability to easily convert financial assets into cash without loss in value
service
a task that a person or a machine performs for you
good
a physical item that is produced and can be weighed or measured
economics
the study of the decisions that go into making, distributing, and using goods and services
economy
the ways in which people make, distribute, and use their goods and services
supply
the amount of goods and services available for sale
demand
the amount of goods and services people are willing to buy
Federal Reserve System
the central banking organization of the United States, also known as the Fed
inflation
a rise in the level of prices for goods and services
consumer
a person who purchases and uses goods or services
interest
the price that is paid for the use of another's money
time value of money
the increase of an amount of money due to earned interest or dividends
principal
the original amount of money on deposit
future value
the amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time
annuity
a series of equal regular deposits
present value
the amount of money you would need to deposit now in order to have a desired amount in the future
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Personal Finance Chapter 3
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Personal Finance Chapter 4
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Personal Finance Chapter 2
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