Planning and Decision Making. Making good decisions Must be able distinguish between wants and needs. Must be able to set goals and make wise decisions.

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Presentation transcript:

Planning and Decision Making

Making good decisions Must be able distinguish between wants and needs. Must be able to set goals and make wise decisions.

Decision-making usually involves trade-offs Trade Off - definition – Sacrificing one option right now in order to achieve another

Decision-making usually has consequences for the future. Personal financial decisions now will effect decisions made in the future. – college Decisions we make often affect not only us but also others around us (and the world around us). A person can become a good decision- maker through practice.

Decision Process Model 1.Establish Criteria 2.Examine the Options 3.Weigh Pros & Cons 4.Make the Decision 5.Evaluate the Results

Planning is about setting goals Then thinking through how you’re going to accomplish those goals. – estimate how long it will take to achieve the goal.

Goals can be divided into three categories: Short-term goals (take 0-3 months to achieve) Intermediate goals (take 3-12 months to achieve) Long-term goals (take longer than one year to achieve)

“SMART goals” Specific (e.g., “go to a professional basketball game for my birthday” versus “do something cool for my birthday” Measurable (e.g, “save $50 for the ticket” versus “save a bunch of money”) Attainable (e.g., your birthday is 3 months away which gives you time to save about $5 per week) Realistic (e.g., saving $50 for the general admission ticket versus thinking you can buy a box seat) Time-bound (“I need to have the money by May 15” gives you a specific date to work with)