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Values, Needs, Wants, and Goal Setting Introduction

Values, Needs, Wants, and Goal Setting Introduction. The Essentials to Take Charge of Your Finances. What are Values?. Value - Something that is desirable, worthwhile, and important Influenced by family, friends, teachers, coaches, television, and movies

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Values, Needs, Wants, and Goal Setting Introduction

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  1. Values, Needs, Wants, and Goal Setting Introduction The Essentials to Take Charge of Your Finances

  2. What are Values? • Value - Something that is desirable, worthwhile, and important • Influenced by family, friends, teachers, coaches, television, and movies • Each person has different values which guide his/her daily decisions

  3. Needs • Need - something necessary or required for life • Brainstorm examples of needs • Food, water, clothing and shelter

  4. Wants • Want - something unnecessary but desired • May increase the quality of living or make a person happier • Brainstorm examples of wants • If music is valued, a person may want a lot of different musical instruments, songs, and equipment. • How do values influence wants? • If being popular or having all of the newest gadgets is valued, a person may have a lot of wants

  5. Car Nike Sneakers Hot Tub Computer Food iPod Cell Phone Clothes You Decide!

  6. Spending Money • How do values influence how people spend money and make financial decisions? • If an individual values helping others, he or she may decide to give money to a church or other charitable groups • How do needs and wants influence how people spend money and make financial decisions?

  7. What is a Goal? • Goal - something a person intends to accomplish

  8. Types of goals • Short-Term – can be accomplished within one year • Improving grades at school • Making the basketball team • Saving money to buy a new MP3 player • Long-Term – can be accomplished in more than one year • Attending college • Getting a great job • Buying a new car • Goal setting helps you to visualize and plan actions of what you want and then to carry it out.

  9. Here is a challenge! • Supplies: A pinch of toothpicks and a handful of small marshmallows • Task: Create a free standing tower using your supplies • But….before you build, work as a team and write down a GOAL to serve as your road map

  10. SMART goals • In order to set goals effectively, they need to be well written • Edit the goal you wrote for the tower using these guidelines: • Specific – State exactly what is to be done • Measurable – Include how the goal can be measured • Attainable – Determine steps to reach the goal • Realistic – Do not set goals for something unrealistic • Time Bound – State when the goal will be met

  11. Marshmallow Tower • Ready – Set – Build • How did your goal help you to build a better tower?

  12. Did You Reach Your Goal? • Was your goal specific? • How did you measure if you reached your goal? • Was your goal attainable or possible? • Was your goal realistic? • How much time did you set aside to achieve your goal?

  13. Conclusion • Any Questions? • Review the following terms: • Value • Needs • Want • Discuss the following concepts • The relationship between values and money • The benefits of goal setting

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