ROADMAPS- Session 7

In this session you’ll learn: The basics of financial planning. The difference between Needs and Wants. What it costs to live using The Reality Check in

California CareerZone. Set up your EverFi Account.

The basics of financial planning

1. Define your

financial goals

2. Develop a plan

to achieve your goals

3.Put your plan

into action

Set goals

Analyze information

Create a planImplement

the plan

Monitor and modify the

plan

How to set financial goals Before you can create good financial planning

goals, you must KNOW YOURSELF:What do I want to be?What kind of career do I want?Where do I want to live?What kind of car do I want to drive?

Know the difference between NEEDS and WANTS

Needs are essential: food, clothing, a place to live.

Wants are personal desires: going to the movies with friends, eating out, buying a necklace. How to tell the difference between a WANT and a NEED:Ask yourself, “Have I been able to survive without this?” If your answer is ‘yes’, then it’s a “want”, no matter how much you crave it right now.

Needs vs. Wants Assignment:1. Write down your wants and needs.2. See if you can tell the difference between

wants and needs.3. When you are done writing your list, show

your list to some of your classmates.

SMART Goal Assignment:1. Write down a SMART financial goal.2. Be sure it is specific, has an achievement

date, a timeline, an estimated cost and an amount you’ll save each week.

3. Total the estimated cost and total the amount you will save per week.

Delayed Gratification is

Instant Gratification is

To implement your money plan and make it happen, you’ll need the 3 R’s of money:

1. Reality 2. Responsibility 3. Restraint

Monitoring and modifying your money plan

Over time, your values and goals may change…so you need to be flexible enough to modify your original plan.

Keep an eye on your plan… and no, it’s not written in stone. It’s just a plan to help keep you focused on what you want.

Assignment: Take steps to achieve money goals1. Write down 2 big financial goals you would

like to reach in your lifetime…think BIG!2. Write down 2 small steps you can take today

to move you closer to achieving each BIG goal.

Plus/Delta EvaluatingPlus – Keep-Like Delta-Change