Post on 23-Aug-2020
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Unit 1 - Your Financial Plan:
Where It All Begins
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
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
The Five-Step
Financial
Planning
Process
1-B
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
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
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
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
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
1-G
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
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).
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
what about you?
Factors That Affect
Decision Making
1-J
Wants
Family
Values
Time Money
Needs
Habits
Motivation
Education
Age
Attitudes
Society Culture
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
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
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
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
REALITY
RESPONSIBILITY
RESTRAINT
1-N
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
SAVING
SPENDING
SHARING
1-O
NEFE High School Financial Planning Program
Unit One - Your Financial Plan: Where It All Begins
Unit 1: Your Financial Plan:
Where it All Begins