1.17.3.G1 © Family Economics & Financial Education – Revised April 2008 –Values, Needs vs....
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Transcript of 1.17.3.G1 © Family Economics & Financial Education – Revised April 2008 –Values, Needs vs....
1.17.3.G1
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Setting Financial Goals
“Take Charge of Your Finances” 1.17.3
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Shake Out My Future Activity Complete the Shake Out My Future worksheet
1.17.3.A1 For each category, roll the die to determine
what your final outcome would be Roll the die and cross out the number that is
rolled For example: In the housing category if you roll a 2 you
would cross out the word “Mansion” Continue until you have rolled the die enough
times to have only one option remaining. This will be your final outcome for that category
Record your final outcome in the box next to the category and answer the reflection question
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Letter Write a letter to yourself about
what you envision your life will be like in five years.
Examples of items you may write about include: Education Career Family Money
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Goals Short-term goals – specified as less than one year
I plan to raise my English grade from a C+ to a B by the end of this academic year by asking my older brother to peer review my research paper prior to turning it in.
Underline events in your letter that can be achieved with a short-term goal.
Long-term goals – specified as more than one year By the end of the next academic year I would like to
purchase my first car by saving $50 per month from my part time job.
Put parentheses around events that can be achieved with a long-term goal.
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Education Goals Help individuals prepare for success in
the workplace Examples include:
Earning an A on an upcoming quiz Attending college Participating in extra-curricular activities
Include both short-term and long-term goals
Provide guidance and direction Enable individuals to reach financial goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Education Goal Goal – “I want to attend college.” SMART goal –
Specific – I want to attend a four year college Measurable – Because I want to attend a four year college, I
will earn a B in algebra Attainable – Because I want to attend a four year college, I
will earn a B in algebra this semester Realistic – Because I want to attend a four year college, I
will earn a B in algebra this semester to prepare me for the college entrance exam
Time Bound – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Financial Goals
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
SMART Financial Goal Goal – I want to buy a new car SMART goal –
Specific – I plan to save for a down payment on a new car Measurable – I plan to save $5,000 for a down payment
on a new car Attainable – I plan to save $5,000 for a down payment on
a new car by saving $200 from every paycheck Realistic – It is realistic to save $200 from each paycheck
for a down payment on a car because I usually waste the money on unnecessary items instead of saving it
Time Bound – I plan to save $5,000 for a down payment on a new car by saving $200 from each paycheck for two years.
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Find the missing element (specific,
measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #1 I plan to save $5,000 for college living
expenses in four years.
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Financial Goal #1 Answer:
Attainable
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Find the missing element (specific,
measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #2 I plan to save for a new computer by
saving $150 each month for one year.
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Financial Goal #2 Answer:
Measurable
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Find the missing element (specific,
measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #3 I plan to save $2,500 by saving $105
each month for 2 years.
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Financial Goal # 3 Answer:
Specific
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Find the missing element (specific,
measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #4 I plan to save $1,500 to buy a used car
by saving $75 from each paycheck
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Financial Goal # 4 Answer:
Time Bound
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Find the missing element (specific,
measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #5 I plan to save $2,000 to pay for a new
computer by saving my whole paycheck for the next 6 months
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
What is Missing? Financial Goal # 5 Answer:
Realistic
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Conclusion Review the following:
Goals Financial goals Short-Term goals Long-Term goals SMART goals
Questions?
© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial GoalsFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.17.3.G1
Practice Writing Smart Goals Get into groups of 2-3 to practice writing a
group SMART education and financial goal on your Goal Setting note taking guide 1.17.3.L1.
Write one SMART education goal and one SMART financial goal for yourself on your Goal Setting note taking guide 1.17.3.L1.
Share your goals with your group. Have your group provide constructive feedback to ensure goals have all of the elements of well written goals.
Based upon feedback from your group, edit your goals.