Unit 1 - Your Financial Plan: Where It All Begins. “Most people don’t plan to fail… They simply fail to plan!”. 1-A. The Five-Step Financial Planning Process. 1-B. NEEDS Food for breakfast Clothes for school Transportation to school or work ______________ ______________. WANTS An iPOD
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Where It All Begins
“Most people don’t plan to fail…They simply fail to plan!”
Food for breakfast
Clothes for school
Transportation to school or work
______________Sample Wants and Needs
Religious faith or beliefs
Handling money responsibly
Friendships / The people I hang out with
Within three months
Three months to a year
More than a yearTerm Goals
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.
S-M-A-R-T GOAL CRITERIA
“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.”
What about you?
Make a Decision
Create a Plan
Make a Decision
Monitor & Modify
Unit One - Your Financial Plan: Where It All beginsThe Decision- Making Process
Decision Making and Financial Planning
The Financial Planning Process
Decide where to eat
Where it All Begins