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personal financial planning spending, saving, and investing you money so you can have the kind of life you want as well as financial security. goals things you want to accomplish values things that are important to you opportunity cost the most desirable alternative given up as the result of a decision liquidity being in cash or easily convertible to cash service the performance of duties by a waiter or servant good moral excellence or admirableness economics the branch of social science that deals with the production and distribution and consumption of goods and services and their management economy an act of economizing supply offering goods and services for sale demand the act of demanding federal reserve system privately owned, publicly controlled, central bank of the United States inflation a general and progressive increase in prices consumer a person who uses goods or services interest a diversion that occupies one's time and thoughts (usually pleasantly) time value of money increase of an amount of money as a result of interest or dividends earned principal the major party to a financial transaction at a stock exchange future value The amount that your original deposit will be worth in the future based on a specific interest rate over a specific period of time annuity income from capital investment paid in a series of regular payments present value the amount of money you would need to deposit now in order to attain a desired amount in the future