5 Domains of Well Being
Your ability to manage money, meet financial obligations, save for the future, and make choices that support financial stability
Financial Well-Being
goods or services that are required for survival
Needs
These require thought, effort, time, personal discipline. We need goals for these
Major Decisions
Helps avoid overspending, Reduces financial stress, Builds savings for future needs, Keeps you in control of your money
Why Budgets are important
What is the tallest building in the world?
Burj Khalifa
The state of your body’s health, including exercise, nutrition, sleep, and preventing or managing illness
Physical Well-Being
the desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Wants
managing money continuously through life in order to reach financial goals
Financial Planning
Rent, Mortgage, Utilities, Transportation are all part of what category
Needs
Which city hosts the world’s largest annual carnival?
Rio de Janeiro, Brazil
Your ability to manage money, meet financial obligations, save for the future, and make choices that support financial stability
Financial Well-Being
a fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Value
What is the goal missing? I plan to save $2,500 by automatically depositing $105 from my paycheck into a savings account each month for 2 years.
Specific- What the person is saving money for has not been identified
Amounts can change from month to month depending on your choices and lifestyle
Variable Expenses
Who holds the record for the most home runs in a single Major League Baseball season?
Barry Bonds
Your engagement in learning, problem-solving, critical thinking, and exploring new ideas to grow your knowledge and skills
Intellectual Well-Being
Giving up one thing for another
Trade-Off
What is this goal missing? I plan to save $1,500 to buy a used car. I will do this by canceling my home cable service and saving that $75 each month instead.
Time Bound
_______ Expenses do not change much from month to month
Fixed
What type of bird holds the record for the fastest flight speed?
Falcon
Definition: The quality of your relationships with family, friends, and community, and your ability to communicate and connect with others
Social Well-Being
The value of the next best alternative that must be forgone as a result of a decision
Opportunity Cost
Write the 5 Elements of a SMART Goal
Specific, Measurable, Attainable, Realistic, Time Bound
Write out each element of the 50/30/20 budget?
50 Needs/ 30 wants/ 20 savings
What is the deepest point in the world’s oceans?
Mariana Trench