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Personal Financial planning
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means spending ,saving,and investing your money so you can have the kind of life you want as well as financial security.
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terms list
Personal Financial planning
means spending ,saving,and investing your money so you can have the kind of life you want as well as financial security.
goals
are the things you want to accomplish.
values
are the beliefs and principles you consider important,correct,and desirable.
opportunity cost
is what you give up when you make one choice instead of another.
liquidity
is the ability to easily convert your financial resources into cash without a loss in value.
service
a task that a person or a machine performs for you.
good
a physical object that is produced and can be weighed or measured.
economics
is the study of the decisions that go into making distributing,and using goods and services.
economy
consists of the ways in which people make,distribute, and use their goods and services.
supply
is the amount of goods and services available for sale.
demand
is the amount of goods and services people are willing to buy.
federal reserve system
is the central banking organization of the United States.
inflation
this rise in the level of prices for goods and services.
consumer
is a person who purchases and uses goods or services.
interest
is the price that is paid for the use of another's money.
time value of money
which is the increase of an amount of money as a result of interest or dividends earned.
principal
is the amount of money you deposit and on which interest is paid.
future value
is the amount your original deposit will be worth in the future based on earning a specific interest rate over specific period of time.
annuity
a series of equal regular deposits.
present value
which is the amount of money you would need to deposit now in order to attain a desired amount in the future.
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