NEEDS vs WANTS NEEDS Essentials…the basics of life Food Clothing Shelter

NEEDS vs WANTS WANTS Simply increase the quality of living

Values A belief or idea that you consider important or desirable. Family Friends Work Honesty Self Reliance Independence Religion

Decision Making Managing money involves decision making—wants, needs, values… Decision making is the process of gathering and analyzing information in order to make a decision.

Factors that Can Influence Your Goal Setting and Decision Making What “things” (factors) come up in your life on a regular basis that influence your decisions?

Factors that Influence Decisions Family Age Feelings (love, anger, rejection) Risks Values Peers Habits Consequences

Emotional Factors Related to Peer Pressure Gossip Acceptance Disapproval Insecurities Boyfriend/Girlfriend Sarcasm Fear Clubs Athletics Cliques Rich/Poor

Marketing, Advertising and Sales Strategies/Techniques People who sell products and services are fishing for customers. They lure them in with sales, coupons, and other enticements. Unlike fish, consumers can benefit in this situation – if they know how to take advantage of special purchasing opportunities.

Click here to see what Bank High School says about opportunity cost. The highest valued alternative given up when a decision is made. This cost, often called a trade-off, may involve one or more of your resources: Time Money Effort http://www.bankhs.com/students/money/manage/spending/opp_cost.html Click here to see what Bank High School says about opportunity cost.