Resources and Time Management
Knowledge includes everything you have learned, observed and remembered up until now.
What kind of resource is knowledge?
A human resource.
Resources which are qualities which are with you at all times such as personal qualities and skills and talents are called...
Human-Resources!
A __________ is something that you want to achieve at a certain time in your life.
Goal
What is a credit score?
A number rating of your credit worthiness at a specific point in time (300-900).
Goals which can be completed in a smaller period of time, such as 6 months are...
Short - Term Goals
Money provides you with the means to buy other resources that you want and need to achieve your goals.
What kind of resource is money?
A non-human resource.
How we value and perceive ourselves is called...
_________ are things that you must have for your growth or development.
Needs
What are the advantages of a credit card?
Lets you borrow money instantly
Convenient and widely accepted
Has interest free grace period (provided a full payment is made)
May have additional benefits (rewards, extended warranties, insurances)
Goals which take place over a longer period of time, such as over a year are called...
Long-Term Goals
Prioritizing is...
Deciding on which things need to be done by importance. The most important things are put first or "prioritized".
An estimate of income and expenditure for a set period of time is a...
______ are things that will make your life more pleasant - they are not things you need, but things you would like to have/ do.
Wants
What are the disadvantages of a credit card?
High interest charges if not entirely paid off in time
Interest rates around 10-30%
Easy to overspend
The M in SMART goals refers to goals which are Measurable. What does this mean?
With specific criteria that measure your progress toward the accomplishment of the goal.
Example: I will achieve an 80% in Family Studies.
Spending time with your family watching TV while also studying for a test is saving you time. You are completing more than one task at once. You are saving time by...
Multitasking!
The ability to borrow money or access goods or services with the understanding that you'll pay later is called...
Credit!
When you make a decision using your gut instincts, you are using your _________ to make decisions.
Intuition
What are the advantages of a line of credit?
Allows you to borrow, repay, borrow, repay as needed (if credit is available) for larger amounts/ larger purchases
Lower interest rate than other forms of credit
The A in SMART goals refers to goals which are attainable - this means...
Achievable/ not impossible to achieve.
Example: I will get a job in the summer.
Time is a limited resources - everyone only has 24 hours in a day. Using your time effectively is a resource.
What kind of resource is time?
Time is a human resource.
The feeling in your gut when you instinctively know that something you are doing is right or wrong is called...
Your intuition!
When you take the time to process and think our your choices and decisions, considering the pros and cons of the situation, you are making a _________ decision.
Rational
What are the disadvantages of a line of credit?
Interest begins on day one (no grace period)
Minimum payment is interest only
No set repayment schedule which can be difficult for some
The T in SMART goals refers to goals which are timely. What does this mean?
With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency.
Example: By the end of the weekend, I will have studied for my Family Studies test for 2 hours.