NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
““Most people donMost people don’’t plan to fail…t plan to fail…They simply fail to plan!They simply fail to plan!””
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
The Five-Step The Five-Step Financial Financial Planning Planning ProcessProcess
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
ValuesValues• 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 Friendships / The people I hang out
withwith• ________________________________________________________• ________________________________________________________
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
Term GoalsTerm Goals• SHORT-TERM GOALSSHORT-TERM GOALS
–Within three monthsWithin three months• INTERMEDIATE-TERM GOALSINTERMEDIATE-TERM GOALS
–Three months to a yearThree months to a year• LONG-TERM GOALSLONG-TERM GOALS
–More than a yearMore than a year
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
Delayed GratificationDelayed Gratification
• Saving money over time to make a major Saving money over time to make a major purchase.purchase.
• Waiting to buy a new product until the Waiting to buy a new product until the price goes down.price goes down.
• Waiting to see the latest movie until the Waiting to see the latest movie until the crowds get smaller and the lines shorter.crowds get smaller and the lines shorter.
• ________________________________________________________________________________________________________________________________________
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
S-M-A-R-TS-M-A-R-T GOAL CRITERIA GOAL CRITERIASSpecificpecific
MMeasurableeasurable
TTime-Limitedime-Limited
RRealisticealistic
AAttainablettainable
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
SMARTSMART Goals Goals
SSpecific……..pecific……..
MMeasurable…easurable…
TTime-Limited..ime-Limited..
RRealistic…….ealistic…….
AAttainable…..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.”
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
Unit 1: Your Financial Plan:Unit 1: Your Financial Plan:Where it All BeginsWhere it All Begins
