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PERSONAL FINANCE

PERSONAL FINANCE. Ms. Biba S. Kavass. Exploring Values, Wants, and Needs. OBJECTIVES. Define value. Explore personal values. Identify the difference between a need and a want. Understand how personal financial decisions are influenced by an individual’s interpretation of needs and wants.

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PERSONAL FINANCE

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  1. PERSONAL FINANCE Ms. Biba S. Kavass Biba S. Kavass 2011

  2. Exploring Values, Wants, and Needs Biba S. Kavass 2011

  3. OBJECTIVES • Define value. • Explore personal values. • Identify the difference between a need and a want. • Understand how personal financial decisions are influenced by an individual’s interpretation of needs and wants. • Define goals. • Differentiate between short-term and long-term goals. • Establish SMART goals for participation in this class this semester. Biba S. Kavass 2011

  4. VALUES • Something that is desirable, worthwhile, and important • Influenced by family, friends, teachers, coaches, television, and movies • Each person has different values which guide his/her daily decisions Biba S. Kavass 2011

  5. WHAT ARE YOUR VALUES? Name three values that are important to you. Biba S. Kavass 2011

  6. BEST FRIEND ADVERTISEMENT • Write an advertisement for a best friend • Include at least five qualities or characteristics you desire or value in a friend • Describe why those qualities are important to you. Biba S. Kavass 2011

  7. NEEDS VS. WANTS • Need - something necessary or required for life • Name some needs??? Biba S. Kavass 2011

  8. How Much Money Does A Person Need? • Families in India earn $1.00 to $2.00 a day. • Could your family live off $1.00 to $2.00 a day? • What do you think families in India think theyNEED? Biba S. Kavass 2011

  9. How Do Values Influence Needs? • You need shelter, but do you NEED a mansion? • You need clothes, but do you NEED designer clothes? • WHAT DO YOU NEED? Biba S. Kavass 2011

  10. NEEDS VS. WANTS • Want - something unnecessary but desired • May increase the quality of living or make a person happier Biba S. Kavass 2011

  11. How Do Values Influence Wants? • If being popular or having all of the newest gadgets is valued, a person may have a lot of wants. • WHAT DO YOU WANT? Biba S. Kavass 2011

  12. A WANT OR A NEED? YOU DECIDE… • Car • Nike Sneakers • Hot Tub • Computer • Food • I-Pod • Cell Phone • Clothes Biba S. Kavass 2011

  13. THOUGHT PROVOKING? • How do values influence how people spend money? • Example: If an individual values helping others, he may decide to give money to a church or other charitable groups Biba S. Kavass 2011

  14. THOUGHT PROVOKING? How do needs and wants influence how people spend money? Biba S. Kavass 2011

  15. REVIEW. . . • What is a value? • Who influences values? • What is a want? • What is a need? • How do values, wants, and needs influence financial decisions? Biba S. Kavass 2011

  16. GOALS Biba S. Kavass 2011

  17. A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future. Identifying goals makes decision making easier. Biba S. Kavass 2011

  18. Financial goals are specific objectives to be accomplished through financial planning Education goals enable individuals to prepare for future success in the workplace Short-term goals are specified as less than one year Long-term goals are specified as more than one year Biba S. Kavass 2011

  19. Biba S. Kavass 2011

  20. SMART Educational Goals Biba S. Kavass 2011

  21. Activity for Review • Work with your partner on the activities of Chapter 1 of your NEFE workbook. Biba S. Kavass 2011

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