1. Setting Financial Goals
“Take Charge of Your Finances”
1.17.3
Changes to slide 6, 7, 10, 11, 12, 13

2. Shake Out My Future Activity
Complete the Shake Out My Future worksheet A1
For each category, roll the die to determine what your final outcome would be
Roll the die and cross out the number that is rolled
For example: In the housing category if you roll a 2 you would cross out the word “Mansion”
Continue until you have rolled the die enough times to have only one option remaining. This will be your final outcome for that category
Record your final outcome in the box next to the category and answer the reflection question

3. Goals
Goal – the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future
Financial goals – specific objectives to be accomplished through financial planning
Education goals - enable individuals to prepare for future success in the workplace

4. Goals Short-term goals – specified as less than one year
I plan to raise my English grade from a C+ to a B by the end of this academic year by asking my older brother to peer review my research paper prior to turning it in.
Underline events in your letter that can be achieved with a short-term goal.
Long-term goals – specified as more than one year
By the end of the next academic year I would like to purchase my first car by saving $50 per month from my part time job.
Put parentheses around events that can be achieved with a long-term goal.

5. The Importance of Goal Writing
A study in What They Don’t Teach You at Harvard Business School by Mark McCormack
1979- Students were asked, "Have you set clear, written goals for your future and made plans to accomplish them?"
3% had written goals and plans
13% percent had goals, but they were not in writing
84% percent had no specific goals at all
New Slide

6. And what about that 3%
Ten years later….the 3% that had written goals and plans were earning, on average, ten times as much as the other 97 percent put together.
New Slide

7. SMART Goals SMART Goals Specific Measurable Attainable Realistic
State exactly what is to be done
Measurable
Include how the goal can be measured
Attainable
Determine steps to reach the goal
Realistic
Do not set goals for something unrealistic
Time Bound
State when the goal will be met

8. SMART Education Goal Goal – “I want to attend college.” SMART goal –
Specific – I want to attend a four year college
Measurable – Because I want to attend a four year college, I will earn a B in algebra
Attainable – Because I want to attend a four year college, I will earn a B in algebra this semester
Realistic – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam
Time Bound – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school
Bolded each element of a SMART goal

9. SMART Financial Goals
State exactly what is to be done with the money involved
Specific
Write the exact dollar amount the goal is for
Measurable
Determine how it can be reached, which is often determined by the individual’s budget
Attainable
Do not set goal for something unattainable or unrealistic
Realistic
Specifically state when the goal needs to be reached
Time Bound
Added “financial” to the title and changed the smart art so that it is not the same as the other smart goals slides

10. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #1
I plan to save $5,000 for college living expenses in four years.

11. What is Missing?
Financial Goal #1 Answer:
Attainable

12. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #2
I plan to save for a new computer by saving $150 each month for one year.

13. What is Missing?
Financial Goal #2 Answer:
Measurable

14. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #3
I plan to save $2,500 by saving $105 each month for 2 years.

15. What is Missing?
Financial Goal # 3 Answer:
Specific

16. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #4
I plan to save $1,500 to buy a used car by saving $75 from each paycheck

17. What is Missing?
Financial Goal # 4 Answer:
Time Bound

18. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #5
I plan to save $2,000 to pay for a new computer by saving my whole paycheck for the next 6 months

19. What is Missing?
Financial Goal # 5 Answer:
Realistic