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Your Financial Plan: Where It All Begins

Your Financial Plan: Where It All Begins. Which one do you agree with?. “Most people don’t plan to fail… They simply fail to plan!”. 1-A. True/False. Teens get most of their money from part-time jobs. False Most teens who are 18 or 19 years old have a checking account.

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Your Financial Plan: Where It All Begins

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  1. Your Financial Plan: Where It All Begins

  2. Which one do you agree with?

  3. “Most people don’t plan to fail…They simply fail to plan!” 1-A

  4. True/False • Teens get most of their money from part-time jobs. • False • Most teens who are 18 or 19 years old have a checking account. • True – 65% have a checking account • Ninety percent of high school students rely on their parents for information about money. • True • On average, American teens spend more than$10 billion a year. • True, but the amount is over $150 billion

  5. REMEMBER Personal Finance is 20% Knowledge 80% Behavior

  6. Today Not completing homework Consumption of alcohol You think of another Tomorrow Grade of zero Sick feeling; possible arrest Decisions: May involve trade-offs, sacrificing one option right now in order to achieve another. Also, decisions made today will affect decisions in the future. Finally, each decision carries with it related consequences that affect us, other people and the world around us. • Future • Probably nothing • If continues, addiction; money loss

  7. Needs: Very basic things we must have to survive4 Walls: Shelter, food/water, clothing, & transportationWants: Things that make life more interesting and fun, but can live without.

  8. Essential Needs: Basically our 4 wallsNear-essential Needs: Cell Phone, Internet Wants: Endless List

  9. Wednesday, Jan. 7 Thursday, August 11 • Objective • I CAN establish a variety of goals based on my values. • Question of the Day????? • Yesterday’s Decision: Run two miles after school • Today’s Possible Consequence: ??????????? • Answers will vary depending on your normal physical activity • Agenda • Sit at tables or computers (with names out) • Complete Objective/Question • Class Roll and Names • Take up Class Information Sheets • Turn in by Friday for a 100 • Notes – Your Financial Plan • Value Survey – graded assignment • SMART Goals

  10. Values: Beliefs and practices in your life that are very important to you; influenced by * Parents * Other family members * Friends * Religion * What you read * Experiences CAN CHANGE OVER TIME.

  11. Complete HandoutValues SurveyActivity

  12. Make four columns and list 10 goals in each column. BACK OF VALUE SURVEY Personal Fun Family Financial

  13. PersonalGoal– ways you hope to transform your personal life. How would you improve yourself? Ideas include eat healthier, attend a sports clinic, take a painting class, learn to play the guitar… FunGoal – It’s always a good idea to think about things you’d hope to do to make your life more interesting. Ideas include sky diving, hiking the Appalachian Trail, or going on a blind date, going on a cruise... FinancialGoal – Think about your life financially or what you want in a career over the next five or so years. Ideas include beginning to buying a specific car, going to prom, going to college, asking for a promotion... FamilyGoal– Most of you have ideas about how you want your current and future family to be. Ideas include going to your sister’s basketball game, going on a family vacation, watching a movie with a little brother, getting married, having children... Types of Goals

  14. Individual Project Parent Goal Essay Parents (and other adults) have goals for you. Discuss with that person about goals they have for your life AND how they feel they have helped you achieve those goals. Write in detail about the conversation. Individual Project

  15. Weekly Cash Flow You will need to keep track of your receipts and payments over the next week. Receipts + Payments – This assignment is about BEHAVIOR!!!! Class Assignment

  16. Goal Travel to Italy in the summer of 2017. • Find out anticipated cost. • Save a percent each month. • Ask someone to go with me. • Book airline tickets & hotel reservations. • Read about Italy. • Decide exact locations to visit. • Learn about money exchange.

  17. S-M-A-R-T GOAL CRITERIA Specific Measurable Attainable Realistic Time 1-G

  18. SMART Goals Specific…….. “Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.” Measurable… “$300 through fundraising, $50 from birthday money, save $25 a week.” Attainable….. “If I stick to my plan, I’ll have the money when I need it.” Realistic……. “I still have enough money to live on while I work toward this goal.” Time………... “I need to have all the money by 6 months from now.” 1-H

  19. SHORT-TERM GOALS Less than a year MEDIUM-TERM GOALS One to five years LONG-TERM GOALS More than five years Term Goals 1-E

  20. On your own paper. Each student will develop FOUR goals Short-term(by end of nine weeks) Short-term(less than a year) Medium-term (1-5 years) Long-term (over 5 years but less than 8 for class) You need to list at least five steps that will help you accomplish the four goals listed. Also, be thinking about a “money” goal to accomplish by the end of the nine weeks. Assignment Include your age for each goal. THINK SMART

  21. Age Factors That AffectDecision Making Needs Wants What about you? Family Culture Time Society Motivation Money Values Education Habits Attitudes 1-J

  22. Saving money over time to make a major purchase. Waiting to buy a new product until the price goes down. Waiting to see the latest movie until the crowds get smaller and the lines shorter. Delayed Gratification Willing to give up something you want now to get something even better in the future. 1-F

  23. Opportunity Cost: The value of what is given up when you choose one option over another. What option did you chose over another in the past 24 hours?Satellite Decision: Smaller decisions that can result from a major decision.

  24. Satellite Decision – Senior Class Trip to ??? ??? ??? When to go/length of stay ??????? ??? ??? ??????? Where to Stay Major Decision: Class Trip to ??? ??? ??? Where to go ??? Transportation ??? ??? Who will go ??? ??? ??? ???

  25. Small Groups • Each group will be given a “Major Decision.” • Groups will complete all the “circles” about choices that have to be with that decision. • Transfer the choices to a larger colored Post-It – using markers and being neat. • Present to the class.

  26. Group Names: Satellite Decision Buying a USED car

  27. Group Names: Satellite Decision Going to Fall Formal

  28. Group Names: Satellite Decision Going to Washing DC

  29. Group Names: Satellite Decision Planning a Surprise Birthday Party for my Best Friend

  30. Group Names: Satellite Decision Going to College

  31. Group Names: Satellite Decision Moving to Atlanta with a friend

  32. Group Assignment • Satellite Decision • Going to Fall Formal or Prom • Going to college • Planning a family vacation • Planning a surprise birthday party for someone • Purchasing a used car • Going to the Washington DC • Moving to Atlanta with a friend • Each group member needs to ask FIVE different teens at JCHS to list items they have purchased in the past week. Compile an individual list; be sure to specify male or female.

  33. NEFE High School Financial Planning Program Identify Your Goal Set Goals Establish Criteria Analyze Information Examine your options Create a Plan Weigh Pros and Cons Implement the Plan Make a Decision Monitor & Modify the Plan Evaluate Results Unit One - Your Financial Plan: Where It All begins The Decision- Making Process Decision Making and Financial Planning The Financial Planning Process You will have to make this last oval 1-L

  34. List 20 things that Ellie must do in order to be prepared for her move to St. Simon’s Island. Complete the math calculations in Section 2 ONLY on the back Biweekly Gross Pay - $1,423.08 Ellie On Her Own

  35. Biweekly Gross Pay $1,423.08 Withholding Fed Income Tax (11.5%) $163.65 State Income Tax (2%) $28.46 Social Security (6.2%) $88.23 Medicare (1.45%) $20.63 Ellie On Her Own

  36. Total $400.97 Biweekly Gross Pay $1,423.08 Minus Total Withholdings $400.97 Biweekly Net Pay $1022.11 Ellie On Her Own

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