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Bell Ringer 11/17

How important do you think it is to be financially literate? What types of things do you think go into financial literacy?. Bell Ringer 11/17. Unit 1 - Your Financial Plan: Where It All Begins. Teens get most of their money from part-time jobs.

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Bell Ringer 11/17

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  1. How important do you think it is to be financially literate? What types of things do you think go into financial literacy? Bell Ringer 11/17

  2. Unit 1 - Your Financial Plan: Where It All Begins

  3. Teens get most of their money from part-time jobs. False: 55% from parents, 43% gifts, 28% odd jobs, 25% part-time jobs, 21% allowance, 6% full-time job, 2% own business Most teens who are 18 or 19 have a checking account. True: 64% do have a checking account 90% of high school students rely on their parents for info about money. True On average, American teens spend more that $10 billion a year. False: over $169 billion in a year. Bell Ringer 11/18What do you think?

  4. “Most people don’t plan to fail…They simply fail to plan!” 1-A

  5. The Five-Step Financial Planning Process 1-B

  6. NEEDS Food for breakfast Clothes for school Transportation to school or work ______________ ______________ WANTS An iPOD DVD Players Cell Phone Hot Car ______________ ______________ Sample Wants and Needs 1-C

  7. Getting a good education Religious faith or beliefs Social causes Handling money responsibly Friendships / The people I hang out with ____________________________ ____________________________ Values 1-D

  8. SHORT-TERM GOALS Within three months INTERMEDIATE-TERM GOALS Three months to a year LONG-TERM GOALS More than a year Term Goals 1-E

  9. Give one example for each of the following: Want Need Value How long of a duration are each of the following types of goals: Short-term Intermediate-term Long-term Bell Ringer 11/19

  10. 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. ____________________________________________________________________ Delayed Gratification 1-F

  11. S-M-A-R-T GOAL CRITERIA Specific Measurable Attainable Realistic Time-Limited 1-G

  12. SMART Goals Specific…….. “Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.” Measurable… “$300 through 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 6 months from now.” 1-H

  13. What are the requirements for a SMART goal? (Hint: meaning of S-M-A-R-T) Bell Ringer 11/20

  14. 1. Assignment 1-1: Creating three personal goals based on the SMART requirements is due on Monday. 2. Assignment 1-2: Choose a short-term goal that you will be able to accomplish in the next 30 days. A copy of your goal will be due on Monday. The completion of your analysis will be due either Dec 18 or Jan. 5 (you decide). Assignments

  15. How much money did you spend in the last week? On what items did you spend your money? How much do you spend?

  16. Spending Record $6.00 $35.00 $4.00 $7.00 $5.00 $8.00 $15.00 $15.00 $55.00 $40.00 $15.00 1-I

  17. Explain why it is important to create SMART goals. Explain why it is important to keep track of your spending. Bell Ringer 11/23

  18. Age Factors That AffectDecision Making Needs Wants What about you? Family Culture Time Society Motivation Money Values Education Habits Attitudes 1-J

  19. Decision-Making Process Identify Your Goal Establish Criteria Weigh Pros and Cons Make a Decision Evaluate Results 1-K

  20. NEFE High School Financial Planning Program 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 Unit One - Your Financial Plan: Where It All begins The Decision- Making Process Decision Making and Financial Planning The Financial Planning Process 1-L

  21. Know What You Want Identify Your Goal Decide where to eat Establish Criteria 1. 2. 3. 1-M

  22. You will use the Decision-Making process to help you make a decision. (Make sure to pick a decision you actually have to make now or soon) Required Criteria Status You state the problem that requires a decision You list at least three criteria for the outcome of your decision You list at least three alternative solutions that relate to your decision You summarize how each of the alternatives aligns with the stated criteria You describe how limited resources, future opportunities, and emotions will impact your decision You state a rationale of how the final decision best met your criteria Assignment 1-4

  23. What are the six steps of the Decision-Making process? Ticket-Out-The-Door

  24. REALITY RESPONSIBILITY RESTRAINT 1-N

  25. SAVING SPENDING SHARING 1-O

  26. Unit 1: Your Financial Plan: Where it All Begins

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