Personal Finance Smart Goals - 766 Words

Step 1: Set Smart Goals During the Financial planning process of setting goals, making a plan to conquer the goal, and then putting the plan into action are very important. When setting goals remember they are crucial, because learning how to create clear goals is a key to success throughout life. Goals set should be SMART goals, specific, measurable, attainable, realistic, and time bound. A goal should not be vague, it should be precise and descriptive. A goal should also be able to be measured with time and money, plus it should be achievable. Goals should also be practical, and have a specific time period when they are going to be completed by. An intermediate SMART goal set for my friend is to buy a new pair of Nike running†¦show more content†¦Step 4 is weigh the pros and cons, consider how your alternatives and options match with your criteria. You might only want to wait five months, and you may really want Nike sneakers. Step 5 is making a decision, you have to deci de which option meets your criteria. Buying the Nike shoes in 5 months for one hundred dollars may be your best option. Lastly, step 6 is evaluating your results. Was the decision to buy the sneakers a good one and did it work out? Afterwards, think about the decision and whether you liked the results or not. Step 4: Implement The Plan When your plan is in place, the next step is to put it into action. Putting a plan into action can be challenging, sometimes sticking to the goal set is difficult. Even though staying true to a goal is difficult there are guidelines to help. For example, when going to spend money, so you are not tempted to spend more than needed, only take the exact amount needed. Also make sure to review the plan often so when starting to get off of the route to complete a goal, you can adjust quickly and make adjustments. Writing goals on a piece of paper with a picture placed somewhere you see every day helps you stick to it. Good motivation to stick towards your goal is to tell multiple people about it, and then have them ask about your progress. Step 5: Monitor and Modify the plan Many things in life can impact a financial plan. Such as gaining or losing an unexpected amount of money. Losing aShow MoreRelatedPersonal Finance By Rachel Siegel And Carol Yacht1072 Words   |  5 PagesComplete the Assignment: Personal Finance by Rachel Siegel and Carol Yacht (2009); Page 23. Exercise 2. See below: â€Å"Use the S.M.A.R.T. planning model and information in this section to evaluate Alice’s goals (below). a. pay off student loan b. buy a house and save for children’s education c. accumulate assets d. retire e. travel around the world in a sailboat. Discuss your evaluations (p.23). Prepare a two page (double-spaced) essay. 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