HOW TO SET & ACHIEVE GOALS!

Why Bother? Could be the single most important part of the entire courseCould be the single most important part of the entire course Could impact every part of your life from now to Could impact every part of your life from now to Turns average people into above average people and helps them succeedTurns average people into above average people and helps them succeed

Goal Setting Survey Study done of Harvard alumniStudy done of Harvard alumni Done 10 years after graduationDone 10 years after graduation Survey foundSurvey found –83% had no specific personal or business goals –14% had specific but not written down –3% had specific goals that were written down

The Payoff $$$ Those with goals but not written down earned twice as much as those with no goalsThose with goals but not written down earned twice as much as those with no goals Those who had written goals earned 3 times as much as those with no goals.Those who had written goals earned 3 times as much as those with no goals. Moral: Have goals and write them downMoral: Have goals and write them down

Activity Break into sections by tablesBreak into sections by tables Brainstorm goals a typical person in your group might have from now to June 10Brainstorm goals a typical person in your group might have from now to June 10 Report to classReport to class

Goals So what is a goal?So what is a goal? –Specific, –Measurable, –Attainable, –Realistic and –Time targeted ObjectivesObjectives

S-M-A-R-T GOAL CRITERIA S pecific M easurable T ime-Limited R ealistic A ttainable 1-G

SMART Goals S pecific…….. M easurable … T ime- Limited.. R ealistic……. A ttainable….. “Save $ to buy car by May.” “Need to save $300/mo to have $3,000 by May.” “If I stick to my plan, I’ll have the money when I need it.” “Make $500/mo. I still have enough money to spend on while I work toward this goal.” “I need to have all the money by end of May before Graduation.” 1-H

Identify A Career Goal & How to Achieve Ultimate and Long term goalUltimate and Long term goal –Become a teacher by the age of 57 –Is this a SMART goal? Why or why not?Why or why not?

There are steps that needed to be taken to reachThere are steps that needed to be taken to reach –Short term –Intermediate –Long term goals

Try This Take a piece of paperTake a piece of paper Fold into thirdsFold into thirds On outside of 1 st foldOn outside of 1 st fold –Write words LONG TERM GOAL Second FoldSecond Fold –Write words INTERMEDIATE GOAL Third foldThird fold –Write words SHORT TERM GOAL

Under folded paper, write a long term goalUnder folded paper, write a long term goal –Must be a SMART Goal –Under first fold Write an intermediate term goalWrite an intermediate term goal –That will help you reach long term goal –Under second fold Write a short term goalWrite a short term goal –That will help you reach intermediate term goal –Under third fold

ObstaclesObstacles –Pay cut – reduce spending –Peer group Friends think I am nutsFriends think I am nuts PressurePressure –Pressure to make more $

Skills and knowledgeSkills and knowledge –Teaching degree – have –Need to keep certification current –Take additional teaching courses Who must be worked withWho must be worked with –Wife on pay cut/change in lifestyle –Potential schools in hiring

PlanPlan –Yearly: Take 1 college course/year to keep current –Month/Qtr/Yrly: Have $X saved and invested to bridge income gap by 2012 Need $X invested each yearNeed $X invested each year –5 year: Purchase smaller house in next purchase to reduce spending Realistic: Yes, could be soonerRealistic: Yes, could be sooner

Goals What do you think is the difference between a short, intermediate and long term goal?What do you think is the difference between a short, intermediate and long term goal?

Term Goals SHORT-TERM GOALSSHORT-TERM GOALS –Within three months INTERMEDIATE-TERM GOALSINTERMEDIATE-TERM GOALS –Three months to a year LONG-TERM GOALSLONG-TERM GOALS –More than a year 1-E

Goals Why should a person try to set realistic goals?Why should a person try to set realistic goals? What happens if goals are conflicting?What happens if goals are conflicting? How does a person decide how to chose among goals?How does a person decide how to chose among goals?

Seven Goal Areas 1.Career 2.Financial 3.Physical 4.Social 5.Family 6.Mental 7.Spiritual

Tomorrow Your specific goalsYour specific goals

By End Of Week A quiz?A quiz?

NEFE Book Pages 1 – 6NEFE Book Pages 1 – 6 Do activity on pages 2, 4, 5, 6 (not 7)Do activity on pages 2, 4, 5, 6 (not 7)

Review Day and WeekReview Day and Week

Teens and Money