 This presentation has been prepared by a grantee of the Foundation for Financial Planning for the purpose of educating student pro bono financial planners who will be working with their peers and community members. This presentation is for educational purposes only. All information provided in this presentation will be general in nature and may not be applicable to individual cases.

 Goal: the result or achievement toward which effort is directed; aim; end.

 Key element in a financial plan  Gives you a starting point  Gives you an end point  Makes you accountable  Gives you focus

 Short Term ( under 1 year)  Intermediate (1 to 5 years)  Long Term (5 years and over)

 Specific  Measurable  Attainable  Realistic  Timely

Goals should be specific and answer the following questions: ◦ Who – Who is involved? ◦ What – What needs to be accomplished? ◦ Where – Where is the location? ◦ Why – Why am I setting this goal? ◦ Which – What are the requirements and constraints to meet the goal?

Establish solid criteria to measure progress for each goal.  To determine if your goal is measurable, ask yourself:  How much? How many?  How will I know when my goal is accomplished?

When you measure your progress, you will  Stay on track  Reach target dates  Feel the joy of achievement

When you identify goals that are most important to you, you begin to figure out ways you can make them come true.  You develop the attitudes, abilities, skills, and financial capacity to reach them.  Ask yourself this question: ◦ How can I accomplish this goal?

To be realistic, a goal must represent an objective toward which you are both willing and able to work. Ask these questions: ◦ Does this seem worthwhile? ◦ Does this match other efforts/needs? ◦ Is this right for me?

A goal should always have a time frame. There will be no sense of urgency without a time frame. ◦ Set a time frame. ◦ SET A TIME FRAME. Ask these questions: ◦ What can I do 6 months from now? ◦ What can I do 6 weeks from now? ◦ What can I do today?

 Sally Stevens wants to pay off her auto loan within the next 3 years ◦ $10,000 left to pay on the auto loan ◦ Current monthly payment $225/month

 Garman, E. T., & Forgue, R. E. (2011). Personal finance. (11th ed.). Mason, OH: South-Western Cengage Learning.  goal. (n.d.). Dictionary.com Unabridged. Retrieved from :  Nikitina, A. (2010, February 20). Goal setting guide. Retrieved from tutorials/smart-goal-settinghttp:// tutorials/smart-goal-setting