LAP: QS-031LAP: QS-031

ObjectivesObjectives

Describe the importance of financial planning.Describe the importance of financial planning.

Demonstrate a process for setting financial Demonstrate a process for setting financial goals.goals.

Describe the importance ofDescribe the importance offinancial planning.financial planning.

ObjectiveObjective

A good financial plan . . .A good financial plan . . .

helps your dreams come true.helps your dreams come true.

Opportunity costs: Opportunity costs: the benefit that is lost the benefit that is lost when you choose one when you choose one alternative over anotheralternative over another

Does this pizza really cost just $13?Does this pizza really cost just $13?

$13$95

Meet needs Meet needs andand wants wants

Importance of PlanningImportance of Planning

Influence the futureInfluence the future

Recognize the importance Recognize the importance of incomeof income

Prepare for emergenciesPrepare for emergencies

Recognize the importance Recognize the importance of investingof investing

• Impulsive spendingImpulsive spending

ObstaclesObstacles

• Easy access to credit cardsEasy access to credit cards

Demonstrate a process for setting Demonstrate a process for setting financial goals.financial goals.

ObjectiveObjective

SpecificMeasurableAttainableResults-orientedTime-bounded

SMARTSMARTGoalsGoals

• Write down goalsWrite down goals

• Break down each goalBreak down each goal

• Identify the time horizonIdentify the time horizon

• PrioritizePrioritize

• Make plansMake plans

Process for Setting GoalsProcess for Setting GoalsWhere will I be in I

year?. . .10 years?

. . . 20 years?

The most important aspect of The most important aspect of financial planning?financial planning?

Start NOW!Start NOW!

• Steve’s moneySteve’s money

• Steve’s futureSteve’s future

• Steve’s attitudeSteve’s attitude

• What would you recommend?What would you recommend?

Getting Out of StuckGetting Out of Stuck

Quick CaseQuick Case

MarkED

Acknowledgments

Original DevelopersChristopher C. Burke

and Jane Wright, MarkED

Version 1.0

Copyright © 2007MarkED Resource Center

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