1. PERSONAL FINANCE
Mr. Mark Harris

2. Exploring Values, Wants, and Needs

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.

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

5. WHAT ARE YOUR VALUES?
Name three values that are important to you.

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.

7. NEEDS VS. WANTS Need - something necessary or required for life
Name some needs???

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 they NEED?

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?

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

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?

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

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

14. How do needs and wants influence how people spend money?
THOUGHT PROVOKING?
How do needs and wants influence how people spend money?

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?

16. GOALS

17. Identifying goals makes decision making easier.
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.

18. Short-term goals are specified as less than one year
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

20. SMART Educational Goals

21. Activity for Review
Work with your partner on the activities of Chapter 1 of your NEFE workbook.