Setting financial goals
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Setting financial goals

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  • Changes to slide 6, 7, 10, 11, 12, 13
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  • Added “education” to the title and changed the smart art on this slide so that there are not 3 SMART Goals slide that look exactly the same
  • Bolded each element of a SMART goal
  • Added “financial” to the title and changed the smart art so that it is not the same as the other smart goals slides
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Setting financial goals Setting financial goals Presentation Transcript

  • 1.17.3.G1Setting Financial Goals Take Charge of Your Finances 1.17.3
  • 1.17.3.G1Goals © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1GoalsShort-term goals – specified as less than one year I plan to raise my English grade from a C+ to a B by the end of this academic year by asking my older brother to peer review my research paper prior to turning it in. Underline events in your letter that can be achieved with a short-term goal.Long-term goals – specified as more than one year By the end of the next academic year I would like to purchase my first car by saving $50 per month from my part time job. Put parentheses around events that can be achieved with a long-term goal. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1The Importance ofGoal WritingA study in What They Don’t Teach You at Harvard Business School by Mark McCormack1979- Students were asked, "Have you set clear, written goals for your future and made plans to accomplish them?" 3% had written goals and plans 13% percent had goals, but they were not in writing 84% percent had no specific goals at all © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1And what about that 3%Ten years later….the 3% that had written goals and plans were earning, on average, ten times as much as the other 97 percent put together. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1SMART Goals © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1Education GoalsHelp individuals prepare for success in the workplace Examples include: Earning an A on an upcoming quiz Attending college Participating in extra-curricular activities Include both short-term and long-term goals Provide guidance and direction Enable individuals to reach financial goals © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1SMART Education Goals © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1SMART Education GoalGoal – “I want to attend college.”SMART goal – Specific – I want to attend a four year college Measurable – Because I want to attend a four year college, I will earn a B in algebra Attainable – Because I want to attend a four year college, I will earn a B in algebra this semester Realistic – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam Time Bound – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1SMART Financial Goals © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1SMART Financial GoalGoal – I want to buy a new carSMART goal – Specific – I plan to save for a down payment on a new car Measurable – I plan to save $5,000 for a down payment on a new car Attainable – I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck Realistic – It is realistic to save $200 from each paycheck for a down payment on a car because I usually waste the money on unnecessary items instead of saving it Time Bound – I plan to save $5,000 for a down payment on a new car by saving $200 from each paycheck for two years. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goalsFinancial Goal #1 I plan to save $5,000 for college living expenses in four years. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Financial Goal #1 Answer: Attainable © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goalsFinancial Goal #2 I plan to save for a new computer by saving $150 each month for one year. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Financial Goal #2 Answer: Measurable © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goalsFinancial Goal #3 I plan to save $2,500 by saving $105 each month for 2 years. © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Financial Goal # 3 Answer: Specific © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goalsFinancial Goal #4 I plan to save $1,500 to buy a used car by saving $75 from each paycheck © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Financial Goal # 4 Answer: Time Bound © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goalsFinancial Goal #5 I plan to save $2,000 to pay for a new computer by saving my whole paycheck for the next 6 months © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1What is Missing?Financial Goal # 5 Answer: Realistic © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
  • 1.17.3.G1ConclusionReview the following: Goals Financial goals Short-Term goals Long-Term goals SMART goalsQuestions? © Family Economics & Financial Education – Revised April 2010 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona