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Essential Standard 1.00:
  Understand economic activities of
      individuals and families.

             Objective 1.02
Understand characteristics of financial
  goals, steps in decision making and
 factors that affect financial decisions.
Essential Questions
 What are the steps in goal
  setting and decision making?
 How do individuals needs,
  wants, values, standards, and
  priorities affect financial goals
  and decisions?
FINANCIAL GOALS
                         Financial Goals
 Financial goals        should be SMART:
  are                      Specific
  accomplished             Measurable
  through and give         Attainable
  direction to             Realistic
  financial                Time-bound

  planning.
 Learning to set
  financial goals is
  an important part
  of learning to live
Decision Making
                    Steps


                            4. Identify the pros and
1. Identify the problem &      cons of each option
   decision to be made      5. Choose the best
2. Identify resources and      option
   gather information       6. Put the decision into
3. Identify the options        action..just do it!
   (alternatives)           7. Evaluate the
   *team members               outcomes of the
   brainstorm                  decision
Six Steps in Economic
         Decision- Making Process
                                                Do the Positives (+)
                                                outweigh the Negatives
                                                   (-)?
        +
                     Disadvantages
    Advantages




    Use T-account to determine positives and negatives


                                                Good Decision/Bad Decision



5
Good Decision Making
 Following logical        Good decisions lead
  steps when making         to the achievement
  decisions helps           of goals and a feeling
  individuals make          of self-control and
  informed choices.         self-confidence.
 When decisions are       Good decisions are a
  made from habit or on     key to successful
  impulse, there is a       independent living.
  greater likelihood of    Who makes those
  negative outcomes.        decisions?
                           Be sure YOU are
                            making the best
                            decisions!
FACTORS THAT AFFECT FINANCIAL
DECISIONS


    Family factors         Technology
    Cultural factors       The media
    Social factors         The marketplace
    Societal and           Legal and moral
     demographic factors     factors
    Economic factors       Personal factors
                              Steps in Decision Making
Personal Factors Breakdown
 Needs and wants
   Distinguishing wants from needs helps individuals and
    families set more realistic goals and make better
    decisions.
 Values
   Understanding and prioritizing values helps individuals
    and families set goals and make decisions that lead to
    greater personal satisfaction.
 Standards --- Measures of quality or excellence
   With regard to standards for success, individuals have
    different views of what it means to be successful.
 Priorities
   Each individual or family needs to set priorities by
    deciding what is more important at any point in time.
Principles of Financial Planning
     from the Jump$tart Coalition                          Classify the 12




   Money doubles by the “Rule of 72”
   Your credit past is your credit future
   Start saving young
   Stay insured
   Budget your money
   Don’t borrow what you can’t repay
   Map your financial future
   Don’t expect something for nothing
   High returns equal high risks
   Know your take-home pay
   Compare interest rates
   Pay yourself first
            http://www.jumpstartcoalition.org/files2010/2010_J$_Cale
            ndar.pdf
Factors Affecting
Decisions
 Family structure
 Income level
 Lifestyle
 Size
 Age
 Stage of life cycle
 Health status
 Emergencies
Cultural factors

 Cultural and ethnic groups impact
   Values
   Beliefs
   Lifestyle
   Family structures
   Clothing choices


 What are the advantages and disadvantages of
 cultural diversity within a family, a school, a
 workplace, a community?
Social factors

  Education level
  Family structure
  Immigration
  Ethnicity
  Rural, urban, suburban community
  Peer pressure
  Community relationships and involvement
Societal and Demographic
Factors
 Demography is the statistical characteristics of a
 population
   Age
   Sex
   Race
   Birth, marriage, death rates
   Where people live
Economic Factors

 Employment rate
   Kind and number of jobs available
 Inflation
   A period of rapid increase in the price of goods and
    services
 Recession
   An extended period of slow economic growth *
    Review the Business Cycle-prosperity, recession,
    depression, recovery
 Government Regulations & Spending
     Fiscal policies affect personal & business spending
    Cash for clunkers, stimulus $, tax rates
Technology


 The use of mechanical or electronic devices to
 manipulate
   Information (Computers, Ipads, Fax machines, fiber
    optics, GPS systems, smart phones)
   Objects (i.e Robots, automated assembly lines,
    hybrid cars)
 On going change impacts
   Training needs
   Replacing obsolete technology
   Types of jobs available
The Media
 Impacts the ways people and businesses
  communicate and operate locally, nationally,
  and globally.
 Communications that reach large audiences
  with the aid of publication devices that include
     Internet
     Television
     Voice, text, & data transmissions
     Publications
The Marketplace


 Supply
  Goods and services available to the consumer
 Demand
  Consumer desire to purchase as compared to
   availability
 Market response
  How quickly the market adjusts to supply versus
   demand
Legal and Moral Factors
 Laws that impact spending
   Taxation
   Investment and Retirement Accounts
   Insurance requirements
 Beliefs in what is right and wrong
   What is appropriate behavior of employers,
    employees, and individuals at home, work, and
    within the community.
   Charitable Giving and Community Service
Personal Factors

 Needs
   Items to survive – food, clothing, & shelter
 Wants
   Not essential but desirable – cell phone, Music
   CDs,
 Values
   A person’s belief about what is important and
   desirable

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Personal Finance 1.02 PPtA

  • 1. Essential Standard 1.00: Understand economic activities of individuals and families. Objective 1.02 Understand characteristics of financial goals, steps in decision making and factors that affect financial decisions.
  • 2. Essential Questions  What are the steps in goal setting and decision making?  How do individuals needs, wants, values, standards, and priorities affect financial goals and decisions?
  • 3. FINANCIAL GOALS  Financial Goals  Financial goals should be SMART: are  Specific accomplished  Measurable through and give  Attainable direction to  Realistic financial  Time-bound planning.  Learning to set financial goals is an important part of learning to live
  • 4. Decision Making Steps 4. Identify the pros and 1. Identify the problem & cons of each option decision to be made 5. Choose the best 2. Identify resources and option gather information 6. Put the decision into 3. Identify the options action..just do it! (alternatives) 7. Evaluate the *team members outcomes of the brainstorm decision
  • 5. Six Steps in Economic Decision- Making Process Do the Positives (+) outweigh the Negatives (-)? + Disadvantages Advantages Use T-account to determine positives and negatives Good Decision/Bad Decision 5
  • 6. Good Decision Making  Following logical  Good decisions lead steps when making to the achievement decisions helps of goals and a feeling individuals make of self-control and informed choices. self-confidence.  When decisions are  Good decisions are a made from habit or on key to successful impulse, there is a independent living. greater likelihood of  Who makes those negative outcomes. decisions?  Be sure YOU are making the best decisions!
  • 7. FACTORS THAT AFFECT FINANCIAL DECISIONS  Family factors  Technology  Cultural factors  The media  Social factors  The marketplace  Societal and  Legal and moral demographic factors factors  Economic factors  Personal factors  Steps in Decision Making
  • 8. Personal Factors Breakdown  Needs and wants  Distinguishing wants from needs helps individuals and families set more realistic goals and make better decisions.  Values  Understanding and prioritizing values helps individuals and families set goals and make decisions that lead to greater personal satisfaction.  Standards --- Measures of quality or excellence  With regard to standards for success, individuals have different views of what it means to be successful.  Priorities  Each individual or family needs to set priorities by deciding what is more important at any point in time.
  • 9. Principles of Financial Planning from the Jump$tart Coalition Classify the 12  Money doubles by the “Rule of 72”  Your credit past is your credit future  Start saving young  Stay insured  Budget your money  Don’t borrow what you can’t repay  Map your financial future  Don’t expect something for nothing  High returns equal high risks  Know your take-home pay  Compare interest rates  Pay yourself first http://www.jumpstartcoalition.org/files2010/2010_J$_Cale ndar.pdf
  • 10. Factors Affecting Decisions  Family structure  Income level  Lifestyle  Size  Age  Stage of life cycle  Health status  Emergencies
  • 11. Cultural factors  Cultural and ethnic groups impact  Values  Beliefs  Lifestyle  Family structures  Clothing choices  What are the advantages and disadvantages of cultural diversity within a family, a school, a workplace, a community?
  • 12. Social factors  Education level  Family structure  Immigration  Ethnicity  Rural, urban, suburban community  Peer pressure  Community relationships and involvement
  • 13. Societal and Demographic Factors  Demography is the statistical characteristics of a population  Age  Sex  Race  Birth, marriage, death rates  Where people live
  • 14. Economic Factors  Employment rate  Kind and number of jobs available  Inflation  A period of rapid increase in the price of goods and services  Recession  An extended period of slow economic growth * Review the Business Cycle-prosperity, recession, depression, recovery  Government Regulations & Spending  Fiscal policies affect personal & business spending Cash for clunkers, stimulus $, tax rates
  • 15. Technology  The use of mechanical or electronic devices to manipulate  Information (Computers, Ipads, Fax machines, fiber optics, GPS systems, smart phones)  Objects (i.e Robots, automated assembly lines, hybrid cars)  On going change impacts  Training needs  Replacing obsolete technology  Types of jobs available
  • 16. The Media  Impacts the ways people and businesses communicate and operate locally, nationally, and globally.  Communications that reach large audiences with the aid of publication devices that include  Internet  Television  Voice, text, & data transmissions  Publications
  • 17. The Marketplace  Supply  Goods and services available to the consumer  Demand  Consumer desire to purchase as compared to availability  Market response  How quickly the market adjusts to supply versus demand
  • 18. Legal and Moral Factors  Laws that impact spending  Taxation  Investment and Retirement Accounts  Insurance requirements  Beliefs in what is right and wrong  What is appropriate behavior of employers, employees, and individuals at home, work, and within the community.  Charitable Giving and Community Service
  • 19. Personal Factors  Needs  Items to survive – food, clothing, & shelter  Wants  Not essential but desirable – cell phone, Music CDs,  Values  A person’s belief about what is important and desirable