One day Alice came to a fork in the road and saw a Cheshire cat in a tree. "Which road do I take?" she asked. "Where do you want to go?" was his response.

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NEFE High School Financial Planning Program

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Presentation transcript:

One day Alice came to a fork in the road and saw a Cheshire cat in a tree. "Which road do I take?" she asked. "Where do you want to go?" was his response. "I don't know" Alice answered. "Then", said the cat, "it doesn't matter." Lewis Carroll Excerpt from Disney’s Alice in Wonderland

How many of us have found ourselves in this situation—walking, talking, working, and getting by just fine without ever really knowing where we are going? That’s exactly how life is for the 95% of people who don’t set SMART goals! Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality. The process of setting goals helps you choose where you want to go in life. By knowing precisely what you want to achieve, you know where you have to concentrate your efforts. You'll also quickly spot the distractions that can, so easily, lead you astray.

Unlike dreams, goals must adhere to strict rules. In order to be SMART goals, they must be…..

S Goals should be specific and not general. “I want to spend my entire Spring Break at Daytona Beach.” NOT “I want to do something fun over Spring Break.”

M Goals should be measurable. Establish concrete criteria for measuring progress toward the attainment of your goal. Ask questions such as…How much? How many? “I need $150 for my share of the hotel room for the week.” NOT “I need some money for my trip.”

A Goals should be attainable. Develop goals that are realistic and you can make come true. “I’ll save $15 a week from Thanksgiving until Spring Break.” NOT “I’ll win a weekly radio call-in contest to get the money to pay for my trip.”

R Goals should be realistic. Goals should represent an objective toward which you are both willing and able to work. “I plan to drive from Omaha to Daytona in about 24 hours by using four drivers.” NOT “I want to drive from Omaha to Daytona in about half a day.”

T Goals should be time-bound. A goal should be grounded within a time-frame which allows you to monitor your progress. “I’ll have the $150 for my trip expenses saved up by March 5 th.” NOT “I want to save up enough money by early Spring.”

More Creating SMART Goals "I want to go to Panama City Specificfor Spring Break." "I'll need $150 for my share of Measurablethe hotel room for the week." "I'll split the driving with my Attainablefriends and take $200 more for gas, food, and other spending." "I'll save $60 a month from my Realisticpaycheck for the next 6 months." Time-"I want to save all the money Boundby March 1st."

Not SMART Goals "I want to go some where fun over Spring Break.” Specific "I want to save a bunch of money for the trip.” Measurable "I want $500 to fly there and $700 for spending Attainablemoney.” “I’ll buy lottery tickets every week.” Realistic Time-"I want to save all the money by Spring.” Bound

SMART Goals Timelines Short Term –Up to three months “I’ll save $25 by the first of next month so I can take my friend out for pizza.” Intermediate Term –Three months to one year “I’ll save $10 a week for the next 25 weeks to buy a new outfit for the prom.” Long Term –Longer than one year DELAYED GRATIFICATION “ I’ll save $2,000 per year from summer jobs for the next 4 years to buy a car.”