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“Most people don’t plan to fail… They simply fail to plan!”

Objective: Define Financial Planning Understanding the importance of setting goals and to modify and monitor Examine the value of having a plan to use money Define SMART Goals Describe decision making processes. “Most people don’t plan to fail… They simply fail to plan!”. Do Now:

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“Most people don’t plan to fail… They simply fail to plan!”

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  1. Objective: Define Financial Planning Understanding the importance of setting goals and to modify and monitor Examine the value of having a plan to use money Define SMART Goals Describe decision making processes “Most people don’t plan to fail…They simply fail to plan!” Do Now: Let’s begin with the end in mind…… Where do you see yourself in 10yrs?

  2. Financial Planning (PG 3) A process of setting goals, developing a plan to achieve them, and putting the plan into action. Have you heard of the terms “in the red” or “in the black” in regards to finance? “In the black” = making money “In the red” = losing money

  3. The Five-Step Financial Planning Process

  4. S-M-A-R-T GOAL CRITERIA Specific Measurable Attainable Realistic Time-Limited

  5. 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.”

  6. Term Goals • SHORT-TERM GOALS • Within three months • INTERMEDIATE-TERM GOALS • Three months to a year • LONG-TERM GOALS • More than a year Let’s close lesson with watching a video clip

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

  8. 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 1-L

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