Setting Goals Changes to slide 6, 7, 10, 11, 12, 13

Goals Goal – the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future Financial goals – specific objectives to be accomplished through financial planning Education goals - enable individuals to prepare for future success in the workplace

Goals Short-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.

The Importance of Goal 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 New Slide

And 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. New Slide

SMART Goals SMART Goals Specific Measurable Attainable Realistic State exactly what is to be done Measurable Include how the goal can be measured Attainable Determine steps to reach the goal Realistic Do not set goals for something unrealistic Time Bound State when the goal will be met

Education Goals Help 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

SMART Education Goals Specific Measurable Attainable Realistic State exactly what is to be done with the education aspect involved Specific Write the exact grade or class that the goal is for Measurable Determine how it can be reached, which is often determined by academic work Attainable Do not set goal for something unattainable or unrealistic Realistic Specifically state when the goal needs to be reached Time Bound 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

SMART Education Goal Goal – “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 Bolded each element of a SMART goal

SMART Financial Goals State exactly what is to be done with the money involved Specific Write the exact dollar amount the goal is for Measurable Determine how it can be reached, which is often determined by the individual’s budget Attainable Do not set goal for something unattainable or unrealistic Realistic Specifically state when the goal needs to be reached Time Bound Added “financial” to the title and changed the smart art so that it is not the same as the other smart goals slides

SMART Financial Goal Goal – I want to buy a new car SMART 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. Bolded the Smart goal elements

What 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.

What is Missing? Financial Goal #1 Answer: Attainable

What 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.

What is Missing? Financial Goal #2 Answer: Measurable

What 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.

What is Missing? Financial Goal # 3 Answer: Specific

What 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

What is Missing? Financial Goal # 4 Answer: Time Bound

What 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

What is Missing? Financial Goal # 5 Answer: Realistic

Conclusion Review the following: Questions? Goals Financial goals Short-Term goals Long-Term goals SMART goals Questions?