Relating to or involving money or finance.
1. A state in which somebody is able to act and live as he or she chooses, without being subject to any undue financial restraints or restrictions. 2. Release or rescue from being financially bound, or from being confined, enslaved, captured, or imprisoned by the need of money. 3. A person’s right to rule their financial affairs, without interference from or domination by another person or power. 4. The state of being unaffected by, or not subject to, something unpleasant or unwanted due to the lack of finances. 5. The ability to exercise financial free will and make choices independently of any external determining force.
The ability of an individual, family or group to improve their economic status, usually measured in income. Financial (also known as Economic Mobility) often leads to social mobility. Lack of Financial Literacy leads to downward mobility and declining social status.
A working document that includes a vision statement, long and short term financial goals, current income and expense statements, balance sheet, cash flow forecast, asset allocation plans, return on investment metrics, tax liabilities and management, life, income and medical insurance policies, financial records archive, future estate and retirement plans, opportunity cost analysis, measurement metrics and milestones, specific action plans to achieve the stated goals, as well as contingency arrangements, alternative courses of action and critical path analysis.
1. The state of living without fear, worry, or concern about a person’s ability to meet their basic financial needs. 2. Peace of mind that current income is sufficient to cover current and unexpected expenses. 3. Confidence that a person can respond effectively to any loss of income, increase in expenses, or unexpected expense. 4. A person’s ability to maintain their standard of living despite an uncertain economy, unexpected expenses, health crisis, or disability. 5. Protection from or resilience against potential financial loss or harm caused by others. 6. Each person’s cost of living, expenses, and lifestyle are different depending on where they live, work, and enjoy leisure time and activities. Therefore, no standard measure or amount of money defines Financial Security as it is deeply personal. If a person is emotionally insecure, no amount of financial resources will have them feeling secure. On the contrary, more considerable available resources necessitate increased reliance on the advice and support of other people, thus exaggerating a person’s emotional insecurity.
The growing scale, profitability, and level of importance of the finance sector relative to the rest of the economy. In the United States, employment and total sales of the finance industry grew from 10% of GDP in 1970 to 20% by 2010. The emphasis has shifted from making things to making money from money. The effects of this change are felt by everyone in the following ways: 1. Increased level of importance of money and finance in our everyday lives. 2. Increased complexity and level of sophistication required to understand and manage finance. 3. Increased income inequality due to the widening gap become making money from labor, making and selling things, to highly leveraged financial products that make money with money. 4. Increasing debt and the risks associated with the asset and debt bubbles, which when they collapse, cause massive financial destruction to everyone.
1. An often unreasonable idea that may or may not have been true at one time and has become fixed, immovable, and inaccurate despite evidence to the contrary or efforts to ignore it; an obsession. Usually, the person refuses to examine or dismantle these ideas. Some examples are: “I’m too old.” “I’m too young.” “Children should be seen and not heard.” “I cannot trust anyone.” “I’d better do it myself.” “I can’t do that.” 2. Something accepted without personal inspection or agreement.