1. Unit 1

3. NEEDS  Food for breakfast  Clothes for school  Transportation to school or work  _____________________ WANTS  iPhone 5  xBox 1  McDonald’s Shamrock Shake  2014 Maserati  ____________________

4.  Values help determine your goals  Examples:  Getting a good education  Religious faith or beliefs  Social causes  Handling money responsibly  Friendships/the people I hang out with

5.  Short-term Goal  Within 3 months  Intermediate-term Goal  3 months to 1 year  Long-term Goal  More than 1 year

6.  Delayed gratification: the willingness to give up something you want now in order to get something better in the future  Example: ▪ Waiting to see a movie until it’s out on video rather than going to the theater  Opportunity Cost: a trade off; the loss of potential gain from other alternatives when one alternative is chosen over another  Example: ▪ Give up buying a soda and snack everyday so you can save up to buy iPod in two months

7.  Specific  Measurable  Attainable  Results-oriented  Time-bound Example: I will save $400 for my trip to New York in August 2014 by saving $50 per paycheck (paid bi-weekly) for the next 4 months.

8.  What’s missing from these goals?  I will go on a whitewater rafting trip next summer.  I will save money this summer to pay for all college tuition.

9.  Cash flow: cash in vs. cash out  Where your finances currently stand  Example:  Where if your money coming from and where is it going? Week of:Income +Spending - Sunday Monday Tuesday Wednesday

10. Here’s where teens spend all their money…

11.  Your decisions are affected by…  Society  Family  Friends  Time  Values  Education  Habits  Motivation  Culture  Money  Attitudes  Consider…  Opportunity cost  Satellite decisions: smaller decisions that can result from a major decision

12.  Find someone that motivates you!  Discipline  Consider potential roadblocks Sticking with your plan… 1.Write your goals down 2.Tell other people 3.Don’t carry around extra money 4.Review your plan/goal regularly

13.  Plan is always evolving  Don’t be afraid to change!