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Personal Finance
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| Term | Definition |
|---|---|
| Goal | Something a person intends to accomplish |
| Short-term Goal | Can be accomplished in one year |
| Long-term Goal | Can be accomplished in more than one year |
| Financial Goal | Goals accomplished through financial planning |
| Educational Goal | Goals that help you achieve success in the workplace |
| SMART Goal | A better worded goal that is more helpful |
| Smart | Specific. Your goal should be descriptive. |
| sMart | Measurable. Your goal should be able to be measured in some unit. |
| smArt | Attainable. Determine steps to reach the goal. |
| smaRt | Realistic. Do not set goals for something unrealistic. |
| smarT | Time Bound. State when the goal will be. |
| Decision | A choice that is made about things that affect a person’s life |
| Routine Decision | Are made on a day-to-day basis, don’t require a lot of time to think through. |
| Major Decision | Have long-term effects on a person’s life, should be made very carefully and with a lot of thought |
| Financial Decision | A type of major decision, impacts an individual’s or family’s well-being |
| Wellbeing | the state of being happy, healthy, and prosperous |
| Decision Making Process | guides individuals to think through all components of making a good decision |
| Decision Making Process Step 1 | Identify the problem |
| Decision Making Process Step 2 | List alternatives |
| Decision Making Process Step 3 | Decide |
| Decision Making Process Step 4 | Evaluate the results |
| Benefits of Good Decision Making | When decision making skills improve, quality of life is enhanced. Making better choices to your decisions results in better use of time, money and other resources. |
| Values | fundamental beliefs or practices about what is desirable, worthwhile, and important |
| Influences Values Have on Decision Making | People have different values that influence the decisions they make |
| Influences on Values | family, friends, teachers, coaches, television, and movies |
| Need | something necessary or required for life |
| Examples of Needs | Food, water, clothing and shelter |
| Want | something unnecessary but desired |
| Examples of Wants | MP3 player, Play Station, designer clothes |
| How Values Influence Wants | If being popular or having all of the newest gadgets is valued, a person may have a lot of wants |
| How Values Influence Financial Decisions | If an individual values helping others, he may decide to give money to a church or other charitable groups |
| Barter | the exchange of resources or services for mutual advantage |
| Intaglio Printing | what gives the U.S. currency its distinctive look |
| Microprinting | appears as just a thin line to the naked eye, but can be easily read upon magnification. |
| FINE LINE ENGRAVING | Fine circular lines appear around the portrait of the bill. The clarity and detail of these lines are difficult for scanners and photocopiers to reproduce. |
| Serial Number | The serial number is especially important for banks which handle large amounts of cash. No two serial numbers are the same. |
| Commodity Money | Coins containing precious metals |
| Fiat Money | Money that can not be redeemed for commodity |
| Representative Money | Tokens or pieces of paper that have no value themselves |
| What goals do | Provide direction Focus on the important things Keep the end result in mind |
| Examples of Short Term Goals | Improving grades at school Making the basketball team Saving money to buy a new MP3 player |
| Examples of Long Term Goals | Attending college Getting a great job Buying a new car |
| How to set goals | In order to set goals effectively, they need to be well written |
| Examples of Education Goals | Earning an A on an upcoming quiz Attending college Participating in extra-curricular activities |
| Example of a SMART goal | Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school. |
| How setting goals affect decisions | Making decisions is easier when financial goals have been set |
| Example of a SMART financial goal | I plan to save $100 for a new iPod by saving $20 from each |
| How can setting SMART education and financial goals help a person reach future success? | SMART goals provide direction SMART goals allow a person to focus on important things SMART goals help people keep the end result in mind |
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