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Factors Impacting Financial Plans

Factors Impacting Financial Plans. Several Factors Impact Goals. WRITE THE TITLE OF SLIDE, DO NOT WRITE THIS LIST Values Needs vs. Wants Life situation. Values. Getting a good education Religious faith or beliefs Social causes Handling money responsibly

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Factors Impacting Financial Plans

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  1. Factors Impacting Financial Plans

  2. Several Factors Impact Goals WRITE THE TITLE OF SLIDE, DO NOT WRITE THIS LIST • Values • Needs vs. Wants • Life situation

  3. Values • Getting a good education • Religious faith or beliefs • Social causes • Handling money responsibly • Friendships / The people I hang out with

  4. Wants and Needs A. NEEDS • Food for breakfast • Clothes for school • Transportation to school or work B. WANTS • An iPOD • DVD Players • Cell Phone • Hot Car

  5. 3. Life Situation • Single/married • Child(ren) • Rent vs. own home • Debt • Chronic illness/sickness • Savings/inheritance • Education/career

  6. Term Goals • SHORT-TERM GOALS • Within three months • INTERMEDIATE-TERM GOALS • Three months to a year • LONG-TERM GOALS • More than a year

  7. 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.

  8. Buyer BEWARE!!!! • Impulse buying- buying goods/services based on emotion without thinking about the consequences (often influenced by ads) • Signs: • buying things you don’t need • shopping to make yourself feel better • loosing interest in what you buy • hiding purchase from others you live with

  9. Ways to avoid impulse buying: • make a list, only buy what is on the list • take a 24 hour break, if you still want it and can afford it, make the purchase • Create an impulse buy section of your budget to control spending

  10. Set Goals Identify Your Goal Analyze Information Establish Criteria Create a Plan Weigh Pros and Cons Implement the Plan Make a Decision Monitor & Modify the Plan Evaluate Results The Decision- Making Process Decision Making and Financial Planning The Financial Planning Process

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