Financial self-management $ Goals Galore! Financial self-management

OPPORTUNITY IS NOWWHERE Opportunity is no where What do you read? OPPORTUNITY IS NOWWHERE Opportunity is no where Opportunity is now here

What is a value A belief or practice of what is desirable, worthwhile and important to an individual. Family, successful career, having money Guide decisions If a person values financial security, they may focus on saving, investing, and/or finding a high paying career. Influenced by experiences, family, friends, teachers, religious affiliations, work/career, media, the law...

What is a Goal? Something a person intends to accomplish Setting goals are like following a road map Would you set out on a cross-country adventure without a road map? Provide direction Focus on the important things Keep the end result in mind

Types of Goals - Review Short-Term – can be accomplished within one year Improving grades at school Making the basketball team Saving money to buy a new MP3 player Long-Term – can be accomplished in more than one year Attending college Getting a great job Buying a new car Read your game card Decide whether the goal is a short-term or long-term goal Move to the appropriate side of the room Explain your decision

What do these have to do with our What is a Need vs. a Want Need Want Something thought to be a necessity, essential items required for life and survival. Food, water, shelter Something unnecessary, but desired. Items which increase the quality of living. Car, cell-phone, designer clothing What do these have to do with our Value’s and our goals? Do the need vs. want room movement activity. Values and goals guide a person’s needs and wants.

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

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

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 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 Notice what was written

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.

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

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

Here Is A Challenge! Supplies: A piece of paper Task: Create a paper airplane that flies across the room But….Before you build, write down a SMART GOAL to serve as your road map Ready – Set – Build!

Did You Reach Your Goal? Was your goal specific? How did you measure if you reached your goal? Was your goal attainable or possible? Was your goal realistic? How much time did you set aside to achieve your goal?

SMART Goals In order to set goals effectively, they need to be well written Edit the goal you wrote for the paper airplane using these guidelines: Specific – 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

SMART Goals How can setting SMART education and financial goals help a person reach future success? It is like following a road map SMART goals provide direction SMART goals allow a person to focus on important things SMART goals help people keep the end result in mind

What would you do? Groups decide the fate of the family.

AUCTION How much are you willing to pay?

Your financial Self-management plan Wallet size reminder.