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Financial Responsibility and Decision Making: Where It All Begins. NORTH DAKOTA PERSONAL FINANCE EDUCATION. “Most people don’t plan to fail. They simply fail to plan!”. The Financial Planning Process. NEEDS Food for breakfast Clothes for school Transportation to school or work - PowerPoint PPT Presentation
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NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
Financial Responsibility and Decision Making:Where It All Begins
Financial Responsibility and Decision Making:Where It All Begins
NORTH DAKOTA PERSONAL FINANCE EDUCATION
NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
The
Financial Planning
Process
Sample Wants and Needs
NEEDS• Food for breakfast• Clothes for school• Transportation to
school or work• ______________• ______________
WANTS• iPOD• DVD player• Cell phone• Hot car• ______________• ______________
Delayed Gratification
• Saving money through time to make a major purchase
• 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
• __________________________________________________________________________
Values
• Getting a good education
• Religious faith or beliefs
• Social causes
• Handling money responsibly
• Friendships/people I hang out with
• ______________________
• ______________________
Goals
•Short-term Goals – Within three months
• Intermediate-term Goals– Three months to a year
•Long-term Goals – More than a year
SMART Goals
Specific……..
Measurable…
Time-limited..
Realistic…….
Attainable…..
“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.”
Spending Record
$35.00$35.00
$5.00$5.00
$15.00$15.00
$6.00$6.00$4.0$4.0
00$7.00$7.00
$8.00$8.00$15.00$15.00
$40.00$40.00$55.00$55.00
$15.00$15.00
What about you?
Factors That AffectDecision MakingWants
Family
Values
TimeMoney
Needs
Habits
Motivation
Education
Age
Attitudes
SocietyCulture
EvaluateResults
Decision-making Process
Make a Decision
Weigh Prosand Cons
EstablishCriteria
Identify YourGoal
NEFE High School Financial Planning ProgramNEFE High School Financial Planning ProgramUnit One - Your Financial Plan: Where It All Begins
Satellite Decisions
The Decision-making Process
EvaluateResults
Make a Decision
Identify YourGoal
Weigh Pros and Cons
EstablishCriteria
Monitor and Modifythe Plan
Implement the Plan
Set Goals
Create a Plan
AnalyzeInformation
The Financial Planning Process
Decision Making and Financial Planning