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fmsc341project 1b

fmsc341project 1b - Heather Kelly FMSC341(0201 FMST 341...

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Heather Kelly Project 1 FMSC341 (0201) Spring 08 FMST 341 Project 1-1 (15 points) FINANCIAL GOAL SETTING WORKSHEET Due February 7, 2008 An essential step in taking charge of your finances is to translate needs and desires into goals. But, just what is a goal? A goal is a statement of what you want the future to look like. Without goals, your financial planning loses meaning. With goals, you’ll accomplish more, add to your financial security, and improve your quality of life. Your first assignment is to (1) identify your financial goals, such as purchasing a home, dream car, financing your education and more, and (2) write a 1 - 2 page, typewritten, double-spaced paper in which you discuss your goals in light of your life situation, personal values, and current economic factors. The following information (plus your textbook) will help you in determining your specific goals. To be turned in to the instructor: Your paper and goal worksheet. Steps for Successful Goal Setting 1. Write down your goals. Be very detailed. 2. Price your goals. How much money, time and energy will be needed? Remember, every time that you buy something, you are giving up the opportunity to buy something else. This is called opportunity cost. 3. State the exact date for reaching your goals. 4. Divide and conquer! Divide the amount you need to save by the number of paychecks or weeks until the deadline.
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