Financial Goals Project Financial Planning in your life

If you don’t know where you are going, how will you know when you get there? Goals provide a structure to –Facilitate the decision making process –Improve your self-esteem –Maintain attitude –Provide motivation –Enhance work habits –Enable performance leading to success.

What are Goals? Concrete, written, realistic and achievable ideas or things that you want to accomplish. –Objectives are the steps you must take in the process toward realization or actualization of the goal Must be measurable, identifiable, incremental steps that are recorded.

Goal setting process (1) Present situation. (2) Financial Goals. What you want to be, do, have. (3) Objectives/Activities. (4) External obstacles. (5) Internal Obstacles. (6) Inventory of Resources.

Goal Setting: Step 1 Take Stock: What is my present financial situation. –Where am I now? –How much do I have in savings/investments? –Where is my income coming from? –How much do I earn on my job? –What am I doing with my income from all sources? –Why am I doing it? –Do I have any sort of plan or idea? –Whom do I hang with? Are they contributing to my financial success? –Or hindering it? Are they using me for their own gain? –Do I “loan” them money more often than not?

Goal Setting: Step 2 Be Do Have What do you want to Be, Do, Have. ? long-termshort-term These must be measurable. How much money do I need in order to be, do, have what I want? Why do I need the money? What am I going to do with it?

Goal Setting: Step 3 Objectives/Activities. Recognize and write down what it will take (all of the activities) to get from here (1) to there (2). These are specific, measurable activities to enable you to reach your goal. Write down everything you have to do in order to have the money to be, do, have….

Goal Setting: Step 4 EXTERNAL obstacles. Things outside your control that are impediments

Goal Setting: Step 5 Internal Obstacles. Also known as Self-sabotage. Sometimes you do things that are contradictory to your goal. Write down the things that are contradictions or discrepancies things YOU DO YOURSELF. For example, you may say you want to go to a good college, but you spend your time playing video games instead of studying. In economic terms, this is called opportunity cost. Sometimes we do not want to give up things that PREVENT us from reaching our goals.

Goal Setting: Step 6 Inventory of Resources. This is your network. Whom can you rely on for financial help and advice? What specifically can they do to help you attain your financial goal(s)? Family:Teachers:Coaches:Relatives:Friends:Banker:

Goal Setting: Step 7 Motivation. Motivation. Achieving goals requires STARTING - proceeding- through concrete steps of action What are you going to do starting right now that will enable you to set those intermediate goals into motion? You must write down what is going to be done what is going to be done how it is going to be done when it is going to be done. AMPS

Project Establish 2 Financial goals: –1. Short term 6 months or less –2. Long term One year or more For each goal, create 6 slides 12 slides total

Slide 1 Goal Statement –My short term financial goal is…

Slide 2 Objectives to meet the goal identified in slide 1 –These are the 3 or 4 things you must do in order to achieve your goal

Slide 3 External Obstacles –Time How to solve the problem or obstacle? –Family How to solve the problem or obstacle? –Environmental How to solve the problem or obstacle? –etc

Slide 4 Internal obstacles These are the things you are doing to your self that hinder your progress to the goal –Identify at least 3 –For each, How to solve the problem or obstacle?

Slide 5 Resources –List your network contacts and what they can do to help you meet your goal

Slide 6 Pictorial representation with caption that represents your goal

Do this process again for your long- term financial goal 12 slides total, 6 slides for each goal