ROADMAPS- Session 7
In this session you’ll learn: The basics of financial planning. The difference between Needs and Wants. What it costs to live using The Reality Check in
California CareerZone. Set up your EverFi Account.
The basics of financial planning
1. Define your
financial goals
2. Develop a plan
to achieve your goals
3.Put your plan
into action
Set goals
Analyze information
Create a planImplement
the plan
Monitor and modify the
plan
How to set financial goals Before you can create good financial planning
goals, you must KNOW YOURSELF:What do I want to be?What kind of career do I want?Where do I want to live?What kind of car do I want to drive?
Know the difference between NEEDS and WANTS
Needs are essential: food, clothing, a place to live.
Wants are personal desires: going to the movies with friends, eating out, buying a necklace. How to tell the difference between a WANT and a NEED:Ask yourself, “Have I been able to survive without this?” If your answer is ‘yes’, then it’s a “want”, no matter how much you crave it right now.
Needs vs. Wants Assignment:1. Write down your wants and needs.2. See if you can tell the difference between
wants and needs.3. When you are done writing your list, show
your list to some of your classmates.
SMART Goal Assignment:1. Write down a SMART financial goal.2. Be sure it is specific, has an achievement
date, a timeline, an estimated cost and an amount you’ll save each week.
3. Total the estimated cost and total the amount you will save per week.
Delayed Gratification is
Instant Gratification is
To implement your money plan and make it happen, you’ll need the 3 R’s of money:
1. Reality 2. Responsibility 3. Restraint
Monitoring and modifying your money plan
Over time, your values and goals may change…so you need to be flexible enough to modify your original plan.
Keep an eye on your plan… and no, it’s not written in stone. It’s just a plan to help keep you focused on what you want.
Assignment: Take steps to achieve money goals1. Write down 2 big financial goals you would
like to reach in your lifetime…think BIG!2. Write down 2 small steps you can take today
to move you closer to achieving each BIG goal.
Plus/Delta EvaluatingPlus – Keep-Like Delta-Change