SMART Financial Goals
Management
Making Decisions
Making It Happen
Staying On Track
100
What are needs and wants?
The basic things we must have to survive are needs. Wants are things we can live without if we had to.
100
What is cash flow?
Cash flow measures the money you receive and the money you spend.
100
What is an opportunity cost?
To make some kind of trade-off.
100
How are you going to make sure you stay on track to meet your financial goals?
Create a guideline for financial planning.
100
What are some events that might create a need to update your financial plan?
Moving to a new city, getting a new job, dating someone, etc.
200
What are short-term and long-term goals?
Goals that you want to achieve in the next three months are called short-term goals. Goals that will take you more than a year to achieve are called long-term goals.
200
The second step in the financial planning process is to find out where your _________ currently stand, so you can see exactly how much money you're getting and how much you're spending/saving.
Finances
200
What are satellite decisions?
A major decision leading to several smaller ones.
200
The concert ticks you want might be sold out, or your paycheck might be small because you weren't scheduled to work as many hours as originally planned. In these cases, you should anticipate any roadblocks, and leave room for flexibility in your _______ plan.
financial
200
To make sure you stay on track with your financial plan, how often should you decide to review your plan?
Every two weeks or every month.
300
What is financial planning?
Financial planing is a process of setting up goals, developing a plan to achieve them, and executing them into action.
300
Questions about your income are critical because their answers have a _______ impact on your ability to achieve your financial goals.
Direct
300
Some of the personal and financial decisions you make today will __________ the future.
affect decisions you will make into
300
What is one example of a guideline for stick with your plan.
Write your goals on an index card or find pictures of your goal and post them in a place you'll see every day. Tell other people about your goals. Also, ask someone to check in with you about your progress- knowing someone is going to ask about it is good motivation. When you’re going to spend money, decide how much you’ll need ahead of time and take only that amount so you’re not tempted to spend more. Review your plan regularly so you know when you’re starting to stray and can make adjustments quickly.
300
"A plan isn't meant to be be written in stone." What is the meaning of this?
It's a living document that should change as things in your life change. You may run into unexpected obstacles or expenses.
400
What are values?
The beliefs and practices in your life that are very important to you.
400
To find out where your finances currently stand, you should create a __________ .
Personal Spending Record
400
If Sid chooses to save for only a cell phone right now, he is giving up a chance to buy a new xbox 360 game he wants nine weeks from now. This is the _________ of the decision.
opportunity cost
400
By finding someone like a family member to encourage you to be accountable for your goals, you are making sure you stay on ____ and become a _____ spender.
track responsible
400
The decisions you make affects your goals; spending money on your wants may limit meeting your needs; all of this is your personal _______ responsibility.
financial
500
What is delayed gratification?
To be willing to give up something you want now to get something even better in the future.
500
It's important to know that how you manage your cash flow affects if, when, and ____ you reach your _____ .
How Goals
500
What are intermediate-term goals?
Goals that are set for three months to a year.
500
* Double Jeopardy * What does S.M.A.R.T. stand for?
Specific Measurable Attainable Realistic Time Bound
500
Making _____ work for you so you can lead the kind of life you want is an element that is the basics of ________.
money financial planning
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