LAP: QS-031 Objectives Describe the importance of financial planning. Demonstrate a process for setting financial goals.

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Presentation transcript:

LAP: QS-031

Objectives Describe the importance of financial planning. Demonstrate a process for setting financial goals.

Describe the importance of financial planning. Objective

A good financial plan... helps your dreams come true.

Opportunity costs: the benefit that is lost when you choose one alternative over another Does this pizza really cost just $13? $13$95

 Meet needs and wants Importance of Planning  Influence the future  Recognize the importance of income  Prepare for emergencies  Recognize the importance of investing

Impulsive spendingImpulsive spending Obstacles Easy access to credit cardsEasy access to credit cards

Demonstrate a process for setting financial goals. Objective

S pecific M easurable A ttainable R esults-oriented T ime-bounded SMART Goals

Write down goalsWrite down goals Break down each goalBreak down each goal Identify the time horizonIdentify the time horizon PrioritizePrioritize Make plansMake plans Process for Setting Goals Where will I be in I year?...10 years? years?

The most important aspect of financial planning? Start NOW!

Steve’s moneySteve’s money Steve’s futureSteve’s future Steve’s attitudeSteve’s attitude What would you recommend?What would you recommend? Getting Out of Stuck Quick Case

MarkED Acknowledgments Original Developers Christopher C. Burke and Jane Wright, MarkED Version 1.0 Copyright © 2007 MarkED Resource Center

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