1. How do my personal financial decisions impact my success? Unit One

2. Why do we set personal goals?
Needs-________________
______________________
Food and water
Shelter
Clothing
Wants-________________
______________________
College education
High standard of living
Nice car
Laptop
iPod

3. How can goal-setting help us achieve successful financial management?
_____________________________ Appropriate education attained
_____________________________
Savings
Financial Investments
Effective Consumer Skills
Goals provide a sense of direction to achieve financial success.

4. Economic Way of Thinking
People have alternatives-options.
Each alternative has Benefits and Costs.
We respond to incentives that affect our self-interest in predictable ways.
Our choices have consequences positive or negative.
How can this reasoning be used to improve
money management and
standard of living?

5. Economic Way of Thinking Vocabulary!
___________-something that is favorable to the decision-maker
_________-sacrifice, loss or penalty to acquire, produce, accomplish or maintain anything
___________- options to choose from
___________- the best or most preferable alternative
___________- consideration for one’s own aims or advantages
___________- what follows once choice is made
___________- value of the next best alternative when you make a choice

6. Decision-making Process when Thinking Economically
___________-Define the problem
___________-List alternative solutions
___________- Develop a list of criteria that will be needed solve the problem
___________- Evaluate each alternative based on the criteria (costs and benefits
___________- choose the best solution based on your evaluation of each alternative

7. How do people make informed decisions about their future careers?

8. Resources in Career Decision-Making
Identify Careers through
Self-Assessment Surveys
Interest
Aptitudes
Work Values
Identify Lifestyle-the way you choose to live your life based on your values.
______________ -ideals or principles which are important to you in which you base decisions on
___________- Things or People that can be used for help and support.
Parents
Educators
Counselors
Personal contacts
Education
Assessments
Job placement centers
Internet

9. What knowledge and skills do I need to reach my financial goals?
_________________- the abilities and skills of any individual, acquired through investment in education and training, that enhance potential income earning
Develop human capital through:
____________________- elementary, secondary & post-secondary schooling
____________________- experiences outside school
____________________- a measure of one’s output per hour worked
Entrepreneur-one that take the risk to start a business; work for self;

10. What is the relationship between education and employability?
education and income?
BLS.Gov

11. Sources of Income Career Entrepreneurial ventures
Wages/Salary
Commission/bonuses (personal productivity)
Employee benefits
Entrepreneurial ventures
____________________- Capital gains & Dividends
____________________
Retirement distributions
Inheritance
Social Security

12. What factors in the economy affect personal financial decisions?
Current Business Cycle
____________________ International competition
Outsourcing
___________________ Others?

13. Career Self-Assessments
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N QEQ
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Career Interests Assessment