STUDENT HANDOUT 2A
PROJECT 2 OVERVIEW: SETTING FINANCIAL GOALS
WHAT DO I WANT TO ACCOMPLISH
FINANCIALLY?
Setting goals helps you visualize the gap between where you are and where you want to be. In
this assignment, you will:
Identify the purpose of financial goals
•
Explore the criteria of a well-written goal
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Formulate four financial goals
Prioritize your goals
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Time-related goals can be sorted into three categories:
Short-term goals that can be achieved in less than one year
Intermediate-term
goals that can be achieved within one to five years
Long-term goals that will take more than five years to achieve
If you establish unrealistic short-term goals, you face a high likelihood of failure. Instead, set
financial targets that are almost too easy to meet.
ASSIGNMENT INSTRUCTIONS
Use Student Handouts 2B - 2E to fine-tune your financial goals. For each goal, you'll follow
these steps:
Step 1: What is your goal?
Step 2: What is the target date for reaching your goal?
Step 3: What is the estimated cost?
Step 4: Can you cut back on current spending to put toward your goal?
Step 5: Can you increase income to put money toward your goal?
Step 6: How much money will you need to save monthly?
Once your goals are clearly identified, you'll prioritize them (using Student Handout 2F). Give
priority to paying off high-interest debt. Another way to determine
the priority of your goals
is to
create a list of the benefits that will occur when you reach them
. Having goals influences your
decisions and helps you stay focused on what is most important to you.
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