serting goals, manage money, and finanical decisions Flashcards
- goals give you focus
- allow you to measure progress
- provide motivation
ways that goal setting can benefit you
is it realistic to write goals for every decision you make
no not for every decision, only major decisions is when they are needed
managing money continuously in life, in order to reach financial goals
financial planning
the specific objectives that you would accomplish through financial planner
financial goal
SMART goals
specific
measurable
attainable
realistic
time bound
this states exactly what’s to be done with the money involved
specific
need to write down the exact dollar amount
measurable
create a step-by-step outline how a goal can be reached
attainable
think through the trade-offs and opportunity cost to analyze the consequences of your goal to make sure they aren’t unreunrealistic
realistic
specifically state when the goal will be reached (short term goals -> obtain in a year, long then goal -> more than a year
time bound
what is one way that you can ensure you reach your goal after it is written
- saving money
- make sure goals are realistic
a well stocked emergency fund
an example of a SMART financial goal
- education, family
- financial security
examples of value
- positive
- passionate
- healthy relationships
- meaningful life
- feeling achievement
examples of a person with high well-being
they actively engage in activities such as work and play
passionate
