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Decisions, decisions

Decisions, decisions. GOALS. Goals are the most important thing to have in your life!! LIST 5 GOALS YOU HAVE FOR YOU LIFE We will go over these goals again at the end of the semester…are they goning be the same? Money Family Professionally

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Decisions, decisions

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  1. Decisions, decisions

  2. GOALS Goals are the most important thing to have in your life!! LIST 5 GOALS YOU HAVE FOR YOU LIFE We will go over these goals again at the end of the semester…are they goning be the same? Money Family Professionally To accomplish your goals, you must distinguish between your Needs and your Wants

  3. values • Values are things that are important to you! • Family • Religion • Career • Finances • Write down your top 5 values lets see how close we all are!

  4. NEEDS & WANTS Needs – things you cannot live without food, water, shelter, clothing Wants – things you would live to have but can live without

  5. Opportunity cost • This is what you are willing to give up in order to get what you want or need. • Ex; you are willing to give up part of your paycheck for gas for your car, because you either want or need to drive. • Ex: You are willing to give up a watching a movie with your friends because you have to work. • (because if you don’t work you don’t make money, if you don’t make money, you don’t go out with your friends!) • The average teenager spends 4 hours a day on the internet, what could you be doing instead… what opportunity costs result from your use of the internet?

  6. Example #1 • I want to buy a new set of golf clubs. I have the following options: • Should I buy new or used ones? • Where do I buy them from? • What kind of clubs do I need? • Do they have to be brand name? • After considering all of my options, I have to make a decision. At a later date, I will evaluate my decision to make sure it was a right one. • Have you ever made a bad decision after weighing your options? • Lets do the Decision, Decision worksheet together DealA,B,C

  7. 5 steps in a decision making process • SPECIFY - Identify the problem • SEARCH - List the alternatives • SIFT - Determine the pros and cons • SELECT - Make the best decision • STUDY - valuate your decision

  8. SPECIFY • Is this a need or a want? • Goals? • Is this necessary, or do you have other plans for you money? • Values – is this an impulse buy?

  9. Search • Plan your search! • Make sure you get the best deal, and do not buy on Impulse • Impulse buying leads to debt and credit card trouble

  10. SIFT • Weigh your options! • Opportunity cost : • You could buy a pair of real nice shoes for $100 or a pair for $50 and still have money to go out to eat or go to movie with friends. • Always factor your opportunity cost!!

  11. SELECT • Make your choice, confidently!

  12. STUDY • Examine your choice, did you make the right decision? • Learn from your purchases • Did all of your friends go out the next day and you didn’t have the money? • Or • Were your new shoes the hit of the school? • DO THE QUESTIONS ON PAGE 15 #1-9

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