Introduction and More
A written statement of your present financial position, intended financial outcomes, and the objectives you will need to meet to reach those outcomes
financial plan
The biblical worldview of finances
stewardship
A written estimate of income and expenses
budget
Example includes product placement in stores
marketing sway
Budget that prioritizes savings by allocating a portion of spendable income directly to savings before expenses are budgeted
reverse budget
debt you owe
liability
This characteristic of stewardship is demonstrated by steadfast loyalty
faithfulness
This is used in all six areas of personal finance
budget
This describes a steward who maintains steadfast and persistent effort when making decisions that are consistent with his objective
diligence
The amount of your income after tithe has been given
spendable income
A desired outcome best describes this
financial goal
A person who takes ownership of his actions and the outcome of those actions
responsibility
financial institutions used to manage money
bank and credit union
The value given up in comparison to the value gained when making a financial decision
opportunity cost
A record of the actual income and expenses over a set period of time
cash flow statement
One who avoids saving and budgeting
money shirker
Buying, maintaining, and selling investments
brokerage
Protects customers against risk
insurance
This characteristic of a steward describes one who takes ownership of his actions and the outcomes of those actions
responsibility
To find this, subtract your total liabilities from your total assets
net worth
Name the characteristics of a SMART objective
Specific
Measurable
Achievable
Realistic
Time-Sensitive
These may change and require an adjustment in plans
circumstances
expenses
income
This component of personal finance involves both protection of assets and protection of income
assessing risk
One who focuses on building wealth
money guardian
Financial statement that compares your assets and your liabilities to calculate your net worth
balance sheet