Unit 1 - Your Financial Plan: Where It All Begins 1... · 2016. 2. 24. · Unit One - Your...
Transcript of Unit 1 - Your Financial Plan: Where It All Begins 1... · 2016. 2. 24. · Unit One - Your...
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Unit 1 - Your Financial Plan:
Where It All Begins
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
“Most people don’t plan to fail…
They simply fail to plan!”
1-A
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
The Five-Step
Financial
Planning
Process
1-B
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
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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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
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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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Term Goals
• 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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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
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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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
S-M-A-R-T GOAL CRITERIA
Specific
Measurable
Time-Limited
Realistic
Attainable
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
SMART Goals
Specific……..
Measurable…
Time-Limited..
Realistic…….
Attainable…..
“Pay for lodging, transportation, meals
for a 5-day trip to Washington, D.C.”
“$300 through fundraising, $50 from
birthday money, save $25 a week.”
“If I stick to my plan, I’ll have the money
when I need it.”
“I still have enough money to live
on while I work toward this goal.”
“I need to have all the money by 6
months from now.”
1-H
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
• Writing an Effective Goal Statement Rules for writing goal
statements:
• 1. Use clear, specific language.
• 2. Start your goal statement with TO + a VERB
• 3. Write your goal statement using SMART Goal Criteria
• 4. Avoid using negative language.
• Think positive! An example of a goal statement:
• • To run the mini marathon in May and complete the 10 mile race in
under 1 hour to beat my personal best time.
• Notice how the above example begins with the word “To”, includes
the verb “run”, and tells what (the marathon), why (to beat personal
best time) and when (May).
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Spending
Record
$35.00
$5.00
$15.00
$6.00
$4.00 $7.00
$8.00 $15.00
$40.00 $55.00
$15.00
1-I
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what about you?
Factors That Affect
Decision Making
1-J
Wants
Family
Values
Time Money
Needs
Habits
Motivation
Education
Age
Attitudes
Society Culture
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Evaluate
Results
Decision-Making Process
Make a Decision
Identify Your
Goal
Weigh Pros
and Cons
Establish
Criteria
1-K
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The Decision-
Making Process
Evaluate
Results
Make a Decision
Identify Your
Goal
Weigh Pros
and Cons
Establish
Criteria
Monitor & Modify
the Plan
Implement
the Plan
Set Goals
Create a Plan
Analyze
Information
The Financial
Planning Process
Decision Making and Financial Planning
1-L
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All begins
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Know What You Want
Identify Your
Goal
Establish
Criteria
Decide where to eat
1.
2.
3.
1-M
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
REALITY
RESPONSIBILITY
RESTRAINT
1-N
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
SAVING
SPENDING
SHARING
1-O
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NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Unit 1: Your Financial Plan:
Where it All Begins