Lesson_4 - Setting Financial Goals FSoS 1301: Cash or...

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1 Lesson 4 Setting Financial Goals FSoS 1301: Cash or Credit: You Need to Know Required Readings for Lesson 4: There are no required readings for Lesson 4. However, there are optional readings and activities located on the FSoS 1301 Moodle Course Website. Optional Readings: Iowa State University. (2007, October). Tracking Your Spending. Retrieved from Iowa State University, University Extension Website: http://www.extension.iastate.edu/Publications/PM1918.pdf Roth, J. D. (2006, September 22). Track every penny you spend. Retrieved from http://www.getrichslowly.org/blog/2006/09/22/track-every-penny-you-spend/ Optional Worksheets: Identifying Your Current Financial Position Worksheet. Tracking Your Spending Worksheet. Establishing Your Personal Financial Goals Worksheet.
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2 Lesson 4 Learning Objectives Understand financial planning and its importance. Know the six steps used to build a financial plan. Be able to define values, attitudes, goals, needs, and wants. Recognize the criteria for a well-stated financial goal. By the end of this lesson, you should: • Understand financial planning and its importance. • Know the six steps used to build a financial plan. • Be able to define values, attitudes, goals, needs, and wants. • Recognize the criteria for a well-stated financial goal.
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3 Lesson 4 Why is a Financial Plan Important? Helps you achieve your financial goals Easier to make wise purchase decisions Gives you control over your money You’ve read the scary statistics revealing that college students are carrying large amounts of debt that include both credit card debt and student loans. Debt amounts can start out small during your freshmen year of college, and by senior year, you could potentially be swimming in debt. So, now is the time to start looking at your own financial situation. This lesson will help you use the money you earn to achieve your financial goals. With a financial plan in place, it will be easier to make wise purchasing decisions. You will have control over your money instead of it having control over you.
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4 Lesson 4 What is Money? What Does it Mean to You? First things first. Take five minutes and brainstorm. What is money? What does it mean to you? “Money is a stressor!” “Money is evil.” “Money means freedom.” There is not a wrong or right answer. What is important is your ability to manage, save, and invest money. This will determine your financial success.
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5 Lesson 4 What is Personal Financial Planning? The process of planning your spending, financing, and investing in order to optimize your financial situation. Think about where you are now financially and where you want to go financially. Set your goals. Financial planning will give you an idea of how to achieve them.
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6 Lesson 4 What is a Financial Plan?
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This note was uploaded on 01/24/2012 for the course ECON 4751H taught by Professor Triece during the Fall '11 term at Minnesota.

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Lesson_4 - Setting Financial Goals FSoS 1301: Cash or...

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