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Unit 1 - Your Financial Plan:
Where It All Begins
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“Most people don’t plan to fail… They simply fail to plan!”
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The Five-Step Financial Planning Process
1-B
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Sample Wants and Needs NEEDS Food for breakfast Clothes for school
Transportation to school or work ______________ WANTS An iPOD DVD Players Cell Phone Hot Car ______________ 1-C
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Values Getting a good education Religious faith or beliefs
Social causes Handling money responsibly Friendships / The people I hang out with ____________________________ 1-D
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Term Goals Within three months Three months to a year More than a year
SHORT-TERM GOALS Within three months INTERMEDIATE-TERM GOALS Three months to a year LONG-TERM GOALS More than a year 1-E
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Delayed Gratification
Saving money over time to make a major purchase. Waiting to buy a new product until the price goes down. Waiting to see the latest movie until the crowds get smaller and the lines shorter. ____________________________________________________________________ 1-F
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S-M-A-R-T GOAL CRITERIA
Specific Measurable Attainable Realistic Time-Limited 1-G
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Specific…….. Measurable… Attainable….. Realistic……. Time-Limited..
SMART Goals Specific…….. “Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.” Measurable… “$300 through fundraising, $50 from birthday money, save $25 a week.” Attainable….. “If I stick to my plan, I’ll have the money when I need it.” Realistic……. “I still have enough money to live on while I work toward this goal.” Time-Limited.. “I need to have all the money by 6 months from now.” 1-H
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Spending Record $6.00 $35.00 $4.00 $7.00 $5.00 $8.00 $15.00 $15.00
$55.00 $40.00 $15.00 1-I
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Factors That Affect Decision Making
Age Factors That Affect Decision Making Needs Wants What about you? Family Culture Time Society Motivation Money Values Education Habits Attitudes 1-J
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Decision-Making Process
Identify Your Goal Establish Criteria Weigh Pros and Cons Make a Decision Evaluate Results 1-K
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The Decision- Making Process
NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All begins Decision Making and Financial Planning The Decision- Making Process The Financial Planning Process Evaluate Results Make a Decision Identify Your Goal Weigh Pros and Cons Establish Criteria Monitor & Modify the Plan Implement Set Goals Create a Plan Analyze Information 1-L
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Know What You Want Identify Your Goal Decide where to eat Establish
Criteria 1. 2. 3. 1-M
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REALITY RESPONSIBILITY RESTRAINT 1-N
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SAVING SPENDING SHARING 1-O
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Unit 1: Your Financial Plan:
Where it All Begins
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