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Budgeting involves estimating financial activity over a specified future period of time. Budgets are usually established and re-evaluated on a periodic basis.| Investopedia
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A liability is something a person or company owes, usually a sum of money. Payment can be either near- or long-term. Liability can also mean a legal risk or obligation.| Investopedia
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Risk tolerance is the degree of risk that an investor is willing to endure given the volatility in the value of an investment.| Investopedia