net worth
assets-liabilities = net worth
assets
items that you own
liquid assets
cash and items that can be quickly converted into cash
liabilities
debts that you owe
cash flow
the money that actually goes into and out of your wallet and bank account
income
money that you receive
take home pay or net pay
the amount of income left after taxes and other deductions are taken out of your gross pay
discretionary income
money left after you have paid for needs
deficit
situation that occurs if you spend more than you earn or receive
surplus
extra money