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Unit 1: Financial Planning Your Roadmap

Unit 1: Financial Planning Your Roadmap. Steps 2 & 3 Analyze Information Create a plan. Analyze Information. How do you get money? Where does your money go?. Your financial resources have a direct impact on your goals

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Unit 1: Financial Planning Your Roadmap

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  1. Unit 1: Financial PlanningYour Roadmap Steps 2 & 3 Analyze Information Create a plan

  2. Analyze Information How do you get money? Where does your money go? Your financial resources have a direct impact on your goals Cash flow is a measure of the money you receive and the money you spend

  3. Create a Personal Spending Record Ideally, column A is greater than column B.

  4. Decision Making Decision making is the process of analyzing and considering information in order to make a decision. How much did you need to save to attain your goals? How will that fit into your Personal Spending Record? • Opportunity Cost • If you don’t have room in your PSR to save for your goals, it is time for some personal decisions • You have to make trade-offs, choosing one thing over another • This trade-off is called opportunity cost

  5. Opportunity Cost “Time Is Money” Benjamin Franklin

  6. Pros and Cons To decide the best opportunity cost, you must consider money, enjoyment, time and your own personal values To choose between items a list of pros and cons about each item is helpful Discuss with your classmates pros and cons for each of the following: Hamburger meal or Music CD Video game or clothing Beach trip or homework Doing dishes or television In each case, what is the opportunity cost? The benefit?

  7. Pros and Cons Pros and Cons of On-line Shopping Make a list of pros and cons for each of your five goals. Be sure to consider what you can fit into your PSR. Identify which goal or goals you would like to pursue.

  8. Portfolio Place the items you created for Sections 2 and 3 of Unit 1 in the Unit 1 portion of your notebook. At this point, you should have completed Unit 1: Sections 1, 2, and 3

  9. Bibliography Text and Assignments NEFE High School Financial Planning Program, Student Guide. National Endowment for Financial Education. Greenwood Village, CO. 2001. Images All images came from Microsoft ClipArt Gallery Online.

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