Economics Honors Unit 5 – Financial Literacy Introduction SMART Goals Economics Honors Unit 5 – Financial Literacy Introduction https://www.youtube.com/watch?v=yvbsJ8brtN4

DFGDF What road are YOU on?

Goal Setting

Warm-up: Write about the following. What goals have you set for yourself in the past? Describe your experience with success and with failure in the past or currently. At least one success story At least one time you felt that you failed What are some goals you have for your future?

Video Clips TED Talk JK Rowling https://www.youtube.com/watch?v=L4N1q4RNi9I JK Rowling https://www.youtube.com/watch?v=wHGqp8lz36c Stop at 11:30

What is a goal? A written statement of something a person wants or needs to accomplish. Examples Graduate from high school Earn a college degree Buy a car Get a job Lose 15 pounds

Specific…….. Measurable… Attainable….. Realistic……. Time-Limited.. SMART Goals Specific…….. “Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.” Measurable… “$300 through fundraising, $50 from birthday money, save $25 a week.” Attainable….. “If I stick to my plan, I’ll have the money when I need it.” Realistic……. “I still have enough money to live on while I work toward this goal.” Time-Limited.. “I need to have all the money by 6 months from now.” Source: NEFE PowerPoint available online

Time-bound Goals Short Term Goals Present to 6 months Long Term Goals 6 month and longer THIS WILL VARY

goal-setting guidelines well-written personal and financial goals SHOULD: be realistic A student working part-time is not likely to be able to afford a new car every couple of years. be specific “I want to save $5,000 for a down payment to buy a house.” have a timeframe “I want to pay off my credit card within the next 18 months.” state the action to be taken “I want to start an automatic deposit savings account with monthly withdrawals from my checking account.” teens – lesson 3 - slide 3-B

Assignment You may want to start by brainstorming with a web or free-write, in which you identify a few goals for yourself, and explain how they reflects your needs, wants, values, and priorities. You will use the second page of your worksheet to create a long-term, meaningful goal. Fill out each section, then, on the back, write a goal statement using the information you provided. Finally, continuing on the back of the worksheet, develop at least 2 short-term goals you will need to meet in order to eventually accomplish your long-term goal. These should also use the SMART process. You may write them out using SMART or write them as thorough goal statements.