GOAL Setting & Financial Decisions

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Why set personal & financial goals?Higher levels of :

Achievement Self confidence Performance Personal motivation Personal satisfaction Happiness throughout life

Creates a can do attitudeMore fulfilling life

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Types of Goals ExamplesShort Term: Up to 3-6

months to achieve.

Intermediate: 6-9 months to achieve.

Long-Term: 1-3 years!

• Save $150.

• Get a job and save $1000.

• Save at least $5000 by high school graduation for college.

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Goal Setting•Think about the goals you want to achieve. Do

you have more long term, intermediate, or short term type goals?

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Five Principles of Goal Setting1. Clear

▫ Measurable, ▫ Specific▫ Call for Action

2. Challenging ▫ Motivation to achieve▫ Increasing rewards

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Five Principles of Goal Setting

3. Commitment.▫ Buy In

4. Feedback. ▫ Specify expectations ▫ Adjust goal difficulty▫ Benchmark targets

5. Task complexity▫ Provide enough time for practice▫ Sufficient time to meet the goal▫ Don’t set yourself up to fail NEXT

Goal Setting Model

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GOALS WILL TAKE YOU WHERE YOU WANT TO GO!