The document discusses setting financial goals and assessing one's current financial situation. It recommends creating a personal balance sheet to analyze assets, liabilities, and net worth. This provides a snapshot of one's financial status to track progress over time. The document also provides tips for writing SMART financial goals, including making them specific, measurable, agreed upon, realistic and timed. It encourages readers to develop a vision board and goal list to visualize their financial goals for the next five years.

1. KeyTakeaway:ToneWords+Mood Board
Setting Financial Goals
Who areyouandwhat ledyouhere?

2. Setting Financial Goals and Accessing Your Situation
What Influences Our Financial
Decisions?
Our financial decisions,are influenced by ourvalues
, the things that are important to you, the things that
you want to prioritize.

3. If I gave you
$1,000 what
would you do
with it?

4. Values
• Family
• Security
• Spirituality
• Independence
• Friendship
• Education
•Environmentalism
• Achievement
• Beauty
• Dependability
• Health
• Fun
Setting Financial Goals and Accessing Your Situation

5. Evolving Values
• Family
• Friends
• Society
• Religion
• Media
Setting Financial Goals and Accessing Your Situation

6. Habits, Attitudes, and
Personality
• Be aware of how they affect our decisions
• Money personalities – when are they helpful and when do they hinder?
What are your habits and attitudes about finances:
Setting Financial Goals and Accessing Your Situation

7. The Money Hoarder
• Likes to save money
• Likely to enjoy creating and working with a budget
• May find it hard to spend money for self, or buy gifts for others
• Often purchases seem frivolous or unnecessary
Are you a money hoarder:
Setting Financial Goals and Accessing Your Situation

8. The Spender
• Likes to buy things to enjoy immediately
• Likely spends all their money earned – and may carry a lot of debt
• Finds it hard to save money
Are you The Spender:
Setting Financial Goals and Accessing Your Situation

9. The Money Worrier
• Tends to worry about money all the time
• Wants to have control of their money all the time
• Having more money doesn’t lead to less worrying
Are you The Money Worrier:
Setting Financial Goals and Accessing Your Situation

10. The Money Avoider
• May be late paying bills
• Likely don’t know how much money they have – or how much is spent
• Managing finances seems boring or overwhelming
• May not feel competent to handle money management tasks
Are you The Money Avoider:
Setting Financial Goals and Accessing Your Situation

11. The Money Monk
• Believes that money is bad and the cause of all problems
• Doesn’t want to accumulate money
• Likely avoids investing money
Are you The Money Monk:
Setting Financial Goals and Accessing Your Situation

12. The Amasser
• Likes to have a LOT of money
• Always working to accumulate more money
• May find it difficult to spend money
Are you The Amasser:
Setting Financial Goals and Accessing Your Situation

13. Setting Financial Goals and Accessing Your Situation
So Where Are You Now?
Planning for your financial future requires knowing
where you are now?
There's a tool that can really be helpful in kind of
determining and accessing your current financial
situation called a Balance Sheet.

14. The Balance Sheet
• Snapshot picture of your financial situation at a specific time
• Examines what you own and what you owe
Setting Financial Goals and Accessing Your Situation

15. Net Worth
You want to see your net worth grow over time!
Setting Financial Goals and Accessing Your Situation
Assets
(everything you own)
- Liabilities
(everything you owe)
= Net Worth

16. Assets – Think Today’s Value
• Tangible assets
Example: Personal property such as shoes or laptop
Setting Financial Goals and Accessing Your Situation
• Investment assets
Example: Stocks, bonds, real estate
• Monetary assets
Example: Cash

17. Liabilities – Debts Owed
• Long-term loans
Example: Car Loan, Student Loan
Setting Financial Goals and Accessing Your Situation
• Current bills
Example: Phone Bill

18. Sample Balance Sheet
Setting Financial Goals and Accessing Your Situation

19. Lifecycle of Net Worth
Setting Financial Goals and Accessing Your Situation

20. Balance Sheet Summary
• Balance sheet is a snapshot of your current financial status.
• Assets minus liabilities equals your net worth.
• Calculating your net worth annually – and comparing it to past years –
gives measure of financial progress over time.
• In the U.S., people’s net worth tends to grow until retirement and then
decline during retirement.
Setting Financial Goals and Accessing Your Situation

21. S T O P !
Balance Sheet: Use the template to create your own
personal balance sheet and upload it to the
#financialplanning Slack Channel.
Setting Financial Goals and Accessing Your Situation

22. Creating Financial Goals
1. Where do you want to be?
2. Where are you now?
3. How will you get there?
Turning Dreams into Goals:
Setting Financial Goals and Accessing Your Situation

23. Advantages to Writing Goals
• Create specific action steps
• Measure of progress over time
• Effective to help reach dreams
Setting Financial Goals and Accessing Your Situation

24. SMART Goals
• S – specific • M – measurable • A – agreed upon • R – realistic • T – timed
Setting Financial Goals and Accessing Your Situation
I want to save $2,000 to put toward buying a used car
in 5 months.

25. SMART Goals
Setting Financial Goals and Accessing Your Situation
I want to save $2,000 to put toward buying a used car in 5 months.
• $2000 in 5 months
• $400 a month
• About $95 a week
Is it realistic:

26. Sample Financial Goal List
Setting Financial Goals and Accessing Your Situation

27. Setting Financial Goals and Accessing Your Situation
Where Do You Want To Be
In 5 Years?
Create a goal list (using google doc) and vision
board (using canva.com) and post it on a social
media site using the #YEIDC202 and
#SMARTHUSTLE hashtag.

28. What Is A Vision Board
A vision board is an arrangement of images
that encapsulates your vision. It’s a visual
representation of your goals.
Setting Financial Goals and Accessing Your Situation

29. Example:My Vision Board!
Setting Financial Goals and Accessing Your Situation

30. StepsTo Building Your
Vision Board
Setting Financial Goals and Accessing Your Situation

31. Step 1:Set up a Pinterest board to
gather yourimages.
Setting Financial Goals and Accessing Your Situation

32. Step 2:Create a new Canva account to
get started with a Template.
Setting Financial Goals and Accessing Your Situation

33. BeginWith A Template
Setting Financial Goals and Accessing Your Situation

34. S T O P !
Step 3: See video tutorial for steps on how to add
photos to your vision board template Canva.
Setting Financial Goals and Accessing Your Situation

35. K E Y TA K E A W AY S : A C T I O N I T E M S :
Setting SMART personal financial goals
and personal balance sheet will help you
progress through the financial planning
process.
The best way to analyze your current
financial pictures is to use a personal
balance sheet.
Remember that there is a not a "one-
size-fits-all" solution when it comes to
personal finances – financial planning is
tailored to the individual.
Beforemovingon to the nextlesson…
be sure to complete the Balance
Sheet and Vision Board.
D O W N LO A D S :
Sample Balance Sheet
Vision Board Template
Setting Financial Goals and Accessing Your Situation