1. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Unit 1B - Your Financial Plan: Where It All Begins

2. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins “Most people don’t plan to fail… They simply fail to plan!” 1-A

3. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins The Five-Step Financial Planning Process 1-B

4. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Sample Wants and Needs NEEDS Food for breakfastFood for breakfast Clothes for schoolClothes for school Transportation to school or workTransportation to school or work ____________________________ WANTS An iPODAn iPOD DVD PlayersDVD Players Cell PhoneCell Phone Hot CarHot Car ____________________________ 1-C

5. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Values Getting a good educationGetting a good education Religious faith or beliefsReligious faith or beliefs Social causesSocial causes Handling money responsiblyHandling money responsibly Friendships / The people I hang out withFriendships / The people I hang out with ________________________________________________________ 1-D

6. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Goals You can’t hit a target you cannot see. The basic rules: Goals must be written down Realistic plans must be made for their accomplishment Deadlines must be set and honored

7. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Goals Goal setting is an art that makes everything else possible. Most successful people are obsessive goal setters. Once you have goals set, you have a pattern for opportunity

8. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Goals Successful people have a perfect balance between thought and action You must think before you act but you have to act Don’t be afraid to take a risk

9. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Goals Failure is inevitable It just should not be linked with giving up How many chances do you give a baby to walk before you stop them from trying?

10. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Goals Problem with achieving goals is that we fall apart once we achieve our goal example: dieting Rewards of goal setting come not from earning $1 million but in having learned the lessons about what it takes to become a millionaire

11. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Term Goals SHORT-TERM GOALSSHORT-TERM GOALS –Within three months INTERMEDIATE-TERM GOALSINTERMEDIATE-TERM GOALS –Three months to a year LONG-TERM GOALSLONG-TERM GOALS –More than a year 1-E

12. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Delayed Gratification Saving money over time to make a major purchase.Saving money over time to make a major purchase. Waiting to buy a new product until the price goes down.Waiting to buy a new product until the price goes down. Waiting to see the latest movie until the crowds get smaller and the lines shorter.Waiting to see the latest movie until the crowds get smaller and the lines shorter. __________________________________ ____________________________________________________________________ __________________________________ 1-F

13. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins S-M-A-R-T GOAL CRITERIA S pecific M easurable T ime-Limited R ealistic A ttainable 1-G

14. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins SMART Goals S pecific…….. M easurable… T ime-Limited.. R ealistic……. A ttainable….. “Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.” “$300 through fundraising, $50 from birthday money, save $25 a week.” “If I stick to my plan, I’ll have the money when I need it.” “I still have enough money to live on while I work toward this goal.” “I need to have all the money by 6 months from now.” 1-H

15. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Spending Record $35.00 $5.00 $15.00 $6.00 $4.00 $7.00 $8.00 $15.00 $40.00$55.00 $15.00 1-I

16. What about you? Factors That Affect Decision Making 1-J Wants Family Values Time Money Needs Habits Motivation EducationAgeAttitudes Society Culture

17. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Evaluate Results Decision-Making Process Make a Decision Identify Your Goal Weigh Pros and Cons EstablishCriteria 1-K

18. The Decision- Making Process EvaluateResults Make a Decision Identify Your Goal Weigh Pros and Cons EstablishCriteria Monitor & Modify the Plan Implement Set Goals Create a Plan AnalyzeInformation The Financial Planning Process Decision Making and Financial Planning 1-L NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All begins

19. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Know What You Want Identify Your Goal EstablishCriteria Decide where to eat 1. 2. 3. 1-M

20. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins REALITY RESPONSIBILITY RESTRAINT 1-N

21. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins SAVING SPENDING SHARING 1-O

22. NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Unit 1: Your Financial Plan: Where it All Begins