Setting Financial Goals Presentation

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  • Changes to slide 6, 7, 10, 11, 12, 13
  • New Slide
  • New Slide
  • Added “financial” to the title and changed the smart art so that it is not the same as the other smart goals slides
  • Bolded the Smart goal elements
  • 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 the Smart goal elements
  • Setting Financial Goals Presentation

    1. 1. 1.17.3.G1Setting Financial Goals “Take Charge of Your Finances” Advanced Level
    2. 2. 1.17.3.G1Financial Planning Financial planning- A tool used to achieve financial success based upon the development and implementation of financial goals © Family Economics & Financial Education – Revised April 2011 –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
    3. 3. 1.17.3.G1Goals Financial goals – specific objectives to be accomplished through financial planning Education goals - enable individuals to prepare for future success in the workplace © Family Economics & Financial Education – Revised April 2011 –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
    4. 4. Short-term, Mid-term, and Long- 1.17.3.G1term Goals Short-term goals- Long-term goals - specified as less specified as more than one year than five years Mid-term goals – specified as one to five years © Family Economics & Financial Education – Revised April 2011 –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
    5. 5. The Importance of 1.17.3.G1Goal WritingA study in What They Don’t Teach You at Harvard Business School by Mark McCormack 1979- 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 2011 –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
    6. 6. 1.17.3.G1And what about that 3% Tenyears later….the 3% that had written goals and plans were earning, on average, ten times as much as the other 97 percent put together Why is goal setting important? © Family Economics & Financial Education – Revised April 2011 –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
    7. 7. 1.17.3.G1SMART Goals State Include Determine Do not set State exactly how the steps to goals for when thewhat is to goal can be reach the something goal willbe done measured goal unrealistic be met © Family Economics & Financial Education – Revised April 2011 –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
    8. 8. 1.17.3.G1SMART Financial Goals © Family Economics & Financial Education – Revised April 2011 –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
    9. 9. 1.17.3.G1SMART Financial Goal I want to buy a new car I plan to save for a down payment on a new car I plan to save $5,000 for a down payment on a new car I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck It is realistic to save $200 from each paycheck because I usually waste the money on unnecessary items instead of saving it 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 2011 –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
    10. 10. 1.17.3.G1SMART Education Goals © Family Economics & Financial Education – Revised April 2011 –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
    11. 11. 1.17.3.G1SMART Education Goal I want to attend college I want to attend a four year college Because I want to attend a four year college, I will earn a B in algebra Because I want to attend a four year college, I will earn a B in algebra this semester 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 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 © Family Economics & Financial Education – Revised April 2011 –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
    12. 12. 1.17.3.G1What is Missing? Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals Financial Goal #1  I plan to save $5,000 for college living expenses in four years. © Family Economics & Financial Education – Revised April 2011 –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
    13. 13. 1.17.3.G1What is Missing? Financial Goal #1 Answer: Attainable © Family Economics & Financial Education – Revised April 2011 –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
    14. 14. 1.17.3.G1What is Missing? Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals Financial Goal #2  I plan to save for a new computer by saving $150 each month for one year. © Family Economics & Financial Education – Revised April 2011 –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
    15. 15. 1.17.3.G1What is Missing? Financial Goal #2 Answer: Measurable © Family Economics & Financial Education – Revised April 2011 –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
    16. 16. 1.17.3.G1What is Missing? Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals Financial Goal #3  I plan to save $2,500 by saving $105 each month for 2 years. © Family Economics & Financial Education – Revised April 2011 –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
    17. 17. 1.17.3.G1What is Missing? Financial Goal # 3 Answer: Specific © Family Economics & Financial Education – Revised April 2011 –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
    18. 18. 1.17.3.G1What is Missing? Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals Financial 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 2011 –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
    19. 19. 1.17.3.G1What is Missing? Financial Goal # 4 Answer: Time Bound © Family Economics & Financial Education – Revised April 2011 –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
    20. 20. 1.17.3.G1What is Missing? Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals Financial 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 2011 –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
    21. 21. 1.17.3.G1What is Missing? Financial Goal # 5 Answer: Realistic © Family Economics & Financial Education – Revised April 2011 –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
    22. 22. 1.17.3.G1 SummaryWhy is goal setting important? What are the elements of a SMART goal? © Family Economics & Financial Education – Revised April 2011 –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

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