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Unit 1 - Your Financial Plan: Where It All Begins

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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Unit 1 - Your Financial Plan: Where It All Begins

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

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

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

  4. 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

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

  6. 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

  7. 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

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

  9. 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

  10. 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

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

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

  13. 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

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

  15. REALITY RESPONSIBILITY RESTRAINT 1-N

  16. SAVING SPENDING SHARING 1-O

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

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