SMART GOALS
Has a date of completion, and a set time that the money will be saved (weekly, bi-weekly, monthly)
3 Examples of needs are:
Water
Food
Shelter
Utilities
Healthcare
What is morally good and morally wrong.
There are how many weeks in a year
52
A goal is attainable when:
You can afford to save the necessary amount per week, bi-weekly, or monthly.
3 Examples of wants are:
Luxury brands
Entertainment
Hobbies
Subscriptions
The newest tech
An example of how ethics can impact your charitable decisions is:
A religious individual may choose to donate to religious affiliated charities.
There are this many bi-weekly periods in a year:
26
SMART stands for?
Specific
Measurable
Attainable/Achievable
Relevant
Time-Bound
Needs and wants are important to keep in mind while budgeting because:
You must ensure your needs are being met, then use the remaining money on wants.
An example of ethics impacting your understanding of needs and wants is:
Someone who does not believe it is ethical to eat meat will classify beyond-meat as a need.
An example of an unethical investment broker is:
Jordan Belfort from The Wolf of Wall Street
Two things you can do to make a goal attainable.
Lengthen the time or decrease the amount of money needed.
In the 50-30-20 rule, the numbers stand for:
50-Needs
30-Wants
20-Savings
An example of how ethics can impact your investment decisions is:
If an individual does not believe AI to be ethical they should not invest in AI companies regardless of the financial benefits.
A small rundown house may have a nice new vehicle parked outside because:
Why is it important to set SMART Goals when budgeting? (6 reasons)
-Encourages hard work.
-Helps us stay motivated.
-Keeps us accountable.
-Keeps us consistent in the long run.
-Increases our confidence when we meet our goals.
-Helps us make good decisions that align with our goals.
3 Examples of savings are:
RRSP/Retirement
Emergency
Investments
RESP/Education
TFSA/Goal Savings
An example of ethics impacting where you choose to buy your products from is:
Someone who believes companies with cheap labor are unethical may choose to spend more to buy from fairtrade companies.
Relevant means:
Appropriate or helpful for the specific situation at hand.