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Personal Finance

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TermDefinition
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
Created by: 11353