1. About Me

2. About Me Lesson Objectives
Apply creative thinking skills to express one’s values, needs, wants, and goals
Demonstrate the ability to present personal information

3. About Me A person is defined by their values, goals, needs, and wants.
Value (definition)
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
Goal (definition)
The end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future.

4. About Me A person is defined by their values, goals, needs, and wants.
Need (definition)
Something thought to be necessary; essential items required for life.
Want (definition)
Something unnecessary but desired; items which increase the quality of living.

5. About Me A person is defined by their values, goals, needs, and wants.
It is important to examine your lifestyle and what you enjoy before attempting to define personal values.

6. About Me “About Me” Time Capsule Worksheet Homework
Picture or illustration

7. About Me
Your personal finance decisions will be influenced by your values, goals, needs, and wants.

8. About Me Lesson Objectives – Review
Apply creative thinking skills to express one’s values, needs, wants, and goals
Demonstrate the ability to present personal information

9. LIFE CYCLE OF FINANCIAL PLANNING

10. Life Cycle of Financial Planning
Lesson Objectives
Analyze lifestyle conditions which may affect one’s financial situation throughout the life cycle
Identify financial needs throughout the life cycle
Apply life cycle financial planning when implementing a personal financial management plan

11. Life Cycle of Financial Planning
“Everyone follows the same financial plan.”
True or False?

12. Life Cycle of Financial Planning
“Everyone follows the same financial plan.” - False!
People do not have exactly the same
life experience
major life events
financial plans

13. Life Cycle of Financial Planning
Financial planning (definition)
A tool used to achieve financial success based upon the development and implementation of financial goals.

14. Life Cycle of Financial Planning
Lifestyle conditions which may occur to change the financial plan of an individual or family:
a) Marital status
Single, married, divorced, widowed
b) Employment status
Employed, unemployed, facing unemployment
c) Age
d) Number of dependents
Children, spouse, parents, other family members

15. Life Cycle of Financial Planning
Lifestyle conditions which may occur to change the financial plan of an individual or family:
e) Economic outlook
Interest rates, employment level, salary rates
f) Education
Education level of family members, tuition needs for children
g) Health status

16. Life Cycle of Financial Planning
Lifestyle conditions which may occur to change the financial plan of an individual or family:
Example: A 17-year-old single mother’s financial plan is different than a 17-year-old student without a child.

17. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2

18. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2
The bell curve represents the traditional wealth one accumulates during the life cycle in three stages.

19. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2
Stage 1: Basic Wealth Protection
The beginning of the curve is where a person “quits giving money to others.” This is the family formation stage for many people. This is when an individual may be beginning to earn money, continuing education, starting a job or career, and/or starting a family. The individual should be focusing on gaining wealth and earnings.

20. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2
Stage 2: Wealth Accumulation
The second stage is where a person is “giving the money to self.” The household head has reached peak earning years, is accumulating wealth, and approaching retirement.

21. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2
Stage 3: Wealth Distribution
The last stage involves “giving the money to your chosen ones.” This stage is also known as retirement, where consumption of wealth occurs, and involves estate planning.

22. Life Cycle of Financial Planning
An Individual’s Financial Life Cycle graph D2
Summary:
An individual or family will set specific financial goals to be met during their life cycle.

23. Life Cycle of Financial Planning
Personal Financial Management Pyramid D1
Illustrates the same idea as the graph, however …
The graph shows the visual timeline
The pyramid lists things which occur over a life cycle
The levels of the pyramid contribute to a well-managed and balanced financial plan recommended for individuals

24. Life Cycle of Financial Planning
Personal Financial Management Pyramid D1
Summary:
Building a solid financial foundation allows a person to build wealth and move up the pyramid.
It is based on a hierarchy where decisions at one level affect the other levels. As a person moves up the pyramid, their financial plan becomes more complex.

25. Life Cycle of Financial Planning
Life Cycle (definition)
A series of stages in which an individual passes during his/her lifetime.

26. Life Cycle of Financial Planning
Life Cycle Needs
Group activity

27. Life Cycle of Financial Planning
Life Cycle Needs
Group activity
Brainstorm activities and events which require financial planning for your assigned age group and write your ideas on the poster board

28. Life Cycle of Financial Planning
Life Cycle (definition)
A series of stages in which an individual passes during his/her lifetime.
Remember … the age at which events occur can drastically vary among people.

29. Life Cycle of Financial Planning
Life Cycle Needs
Homework
Life Cycle Needs – “Sally’s Scenario” worksheet
Personal Life Cycle of financial Planning worksheet A1

30. Life Cycle of Financial Planning
Review
“Everyone follows the same financial plan.” - False!
People do not have exactly the same
life experience
major life events
financial plans

31. Life Cycle of Financial Planning
Lesson Objectives – Review
Analyze lifestyle conditions which may affect one’s financial situation throughout the life cycle
Identify financial needs throughout the life cycle
Apply life cycle financial planning when implementing a personal financial management plan

32. INTEREST INVENTORY

33. Interest Inventory Lesson Objectives
Discuss the steps involved in successfully setting and achieving career goals
Evaluate potential career areas based upon the results of an interest inventory test

34. “People find one career path to follow throughout their lifetime.”
Interest Inventory
“People find one career path to follow throughout their lifetime.”
True or False?

35. Interest Inventory
“People find one career path to follow throughout their lifetime.” - False!
Career development is a lifelong process.
Workers tend to change careers and jobs many times.

36. What’s the difference between a job and a career?
Interest Inventory
What’s the difference between a job and a career?

37. Interest Inventory What’s the difference between a job and a career?
Job (definition)
An employment position obtained mainly to earn money.
Career (definition)
A commitment to a profession which requires continued training and offers a clear path for occupational growth.

38. Interest Inventory What are you looking for in a career?
Income, job security, opportunity for advancement, etc.

39. Interest Inventory
Do you feel that your career goals may change in 10 years?

40. Interest Inventory How many of you are planning on having a family?
How will this influence your career goals?

41. Interest Inventory Have you chosen a career path already?
If not, an interest inventory may provide you with potential career paths which match personal interests and aptitudes.
If yes, an interest inventory may show you additional careers to consider.
Interest inventory test (definition)
A test which performs a self-assessment of personal interests and values to suggest potential career paths.

42. Interest Inventory Occupational cluster (definition)
Career path with many job opportunities.
Example: an individual with a marketing degree may work in marketing research, advertising, sales, public relations, or management.
What are some other occupational clusters?

43. Interest Inventory Activities
Personality Mosaic Test worksheet A2
Scoring Answers for the Personality Mosaic worksheet A3

44. Interest Inventory Homework
Personality Mosaic Career Options worksheet A4
Interest inventory Research Information worksheet A1

45. Interest Inventory Lesson Objectives -- Review
Discuss the steps involved in successfully setting and achieving career goals
Evaluate potential career areas based upon the results of an interest inventory test