1. Values, Needs, Wants, and Goal Setting Introduction
The Essentials to Take Charge of Your Finances

2. What are Values?
Value - Something that is desirable, worthwhile, and important
Influenced by family, friends, teachers, coaches, television, and movies
Each person has different values which guide his/her daily decisions

3. Teen Awards
Ashton Kutcher "Teen Award" speech. Excellent. YouTube

4. Needs Need - something necessary or required for life
Brainstorm examples of needs
Food, water, clothing and shelter

5. Wants Want - something unnecessary but desired
May increase the quality of living or make a person happier
Brainstorm examples of wants
If music is valued, a person may want a lot of different musical instruments, songs, and equipment.
How do values influence wants?
If being popular or having all of the newest gadgets is valued, a person may have a lot of wants

7. You Decide! Car Nike Sneakers Hot Tub Computer Food iPod Cell Phone
Clothes

9. Willis Tower Largest building in North America
The Willis (Sears) Tower stands 110-stories high at 1,450 ft. On top of the main building stand two antennas. The East Antenna is 253' tall and the West Antenna is 283' tall for a total 1,729 feet from base of building to tip of antenna. Those antennas were placed there to negate the sway of the building from high winds and lightning storms that continually visit the windy city of Chicago. The base of the antennas measure 12' diameter.
NOTE: A football field is 300 ft.—this building would be as tall as 6 football fields.

11. Governing Values I-Beam Simulation
The Willis Tower is one of Chicago's most well known attractions.
Construction of this 110 story building began in 1970 and took three years to complete.

12. How do you determine your Governing Values?
Steven Jobs "If today were the last day of my life..." YouTube

13. How do needs and wants influence how people spend money and make financial decisions?
Your values influence your needs and goals; the decisions you make affect your goals; spending money on your wants may limit meeting your needs; and all of this is your personal financial responsibility.”
Source: NEFE

14. Spending Money
How do values influence how people spend money and make financial decisions?
If an individual values helping others, he or she may decide to give money to a church or other charitable groups
TOMS Shoes
Costco Article

15. What are the issues?
Attitude
Emotion
Desire
Experience

16. Ka Ching

17. What is Financial Planning?
More than budgeting
More than investing
Financial planning is a thinking process that helps achieve goals.

18. Which road to take (30 sec to 1:30)

19. "If you don't know where you are going, ANY ROAD will take you there."
Cheshire Cat, Alice In Wonderland

20. DFGDF
What road are
YOU on?

21. Financial Planning
A blueprint or plan for managing all components of a person’s money.
Arranging to spend, save, and invest money to live comfortably, have financial security, and achieve goals.

22. What are the components of a Financial Plan?
Goals
Net Worth Statement
Budget
Insurance Plan
Savings Plan
Investment Plan
Each topic will be addressed in detail through out the course.

23. Benefits of Having a Financial Plan?
You have more money and financial security.
You know where to use money to achieve your goals.
You have less chance of going into debt you cannot handle.
You can help your partner and support children if you have a family.

24. How do I make a Financial Plan?
Determine your current financial situation.
Make a list of items that relate to your finances:
Savings/Investments
Monthly Income (Job Earnings, Allowance, Gifts, Interest)
Monthly Expenses
Debts

25. How do I make a Financial Plan?
Develop your financial goals.
Consider your attitude toward money.
Ask yourself the following:
How do I determine if it is more important to spend money now, or save it for the future?
How do your personal values affect your financial decisions?

26. What is a Goal? Goal - something a person intends to accomplish
Examples
Graduate from high school
Earn a college degree
Buy a car
Get a job
Lose 15 pounds

27. Types of goals Long-Term – can be accomplished in more than one year
Attending college
Getting a great job
Buying a new car
Short-Term – can be accomplished within one year
Improving grades at school
Making the basketball team
Saving money to buy a new MP3 player
Goal setting helps you to visualize and plan actions of what you want and then to carry it out.

28. Here is a challenge! Pair up with the person next to you
Supplies: A pinch of toothpicks and a handful of small marshmallows
Task: Create a free standing tower using your supplies
But….before you build, work as a pair and write down a GOAL to serve as your road map

29. Marshmallow Tower Ready – Set – Build
How did your goal help you to build a better tower?

30. Did You Reach Your Goal? Was your goal specific?
How did you measure if you reached your goal?
Was your goal attainable or possible?
Was your goal realistic?
How much time did you set aside to achieve your goal?

31. SMART goals
In order to set goals effectively, they need to be well written
Edit the goal you wrote for the tower using these guidelines:
Specific – State exactly what is to be done
Measurable – Include how the goal can be measured
Attainable – Determine steps to reach the goal
Realistic – Do not set goals for something unrealistic
Time Bound – State when the goal will be met

32. SMART Goal setting
Source: NEFE

33. Specific…….. Measurable… Attainable….. Realistic……. Time-Limited..
SMART Goals
Specific……..
“Pay for lodging, transportation, & meals for a 5-day trip to Washington, D.C.
Measurable…
Raise $1,000 ($300 from 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
March 1, 2013.”
Source: NEFE PowerPoint available online

34. Conclusion Any Questions? Review the following terms:
Value
Needs
Want
Discuss the following concepts
The relationship between values and money
The benefits of goal setting