Mr. Stasa W-E City Schools ©

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Presentation transcript:

Mr. Stasa W-E City Schools © Goal Setting (Part 3) Mr. Stasa W-E City Schools ©

Essential Question #2 2/6/15 Everybody has needs and wants. But does everybody have the same needs and wants in life? Explain your reasoning. Why does everyone have the same needs and wants, or why doesn’t everyone have the same needs and wants?

REVIEW Two steps of financial success are: Having goals Having a plan to achieve those goals What is financial planning? Financial planning is preparing to spend, save, and invest your money.

Specific Measurable Attainable Realistic Time Bound REVIEW What does the S.M.A.R.T. goal acronym stand for? Specific Measurable Attainable Realistic Time Bound

What: What do I want to accomplish? REVIEW What are the four questions of a S.M.A.R.T. goal? What: What do I want to accomplish? How: How will I accomplish my goal? When: Establish a time frame. Why: Purpose or benefits of accomplishing the goal.

Needs & Wants A need is something you must have to survive. A want is something you would like to have, but could survive without.

What are Examples of Needs & Wants? What are examples of wants?

You Decide! Car Nike Shoes Computer Food Abercrombie shirt Cell Phone

Opportunity Costs An opportunity cost is the option you give up to get something else. Chuck decides to spend $200 towards a new iPhone rather than save $200 towards college. What is Chuck’s opportunity cost? The amount of money saved towards college.

Opportunity Costs Megan won two tickets to a Lady GaGa concert tonight, but she knows there’s a big Chemistry test Friday morning during 1st period. Megan must choose whether to go to the concert, study for the test, or somehow do both. If Megan chooses to go to the concert, what is she giving up? Megan is giving up a decent grade she could get on her test had she chose to stay home and studied.

Opportunity Costs Darleen doesn’t know whether to go to Chipotle after school with friends or if she should fill out applications for a part-time job. Darleen chooses to fill out job applications instead. What is Darleen’s opportunity cost? The food and fun she could have at Chipotle with her friends.