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Section 6.1: Choose Your Financial Goals
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Transcript
Future Family
- By taking out loans, you get what you want now but trade it for future spending (because you have to pay off the bills).
- Your family now shares the financial burden.
Your Future Family
- The average American gets married and begins a family by the age of 25 (2008).
- The average age as of 2011 has moved up to 30…why?
- Due to lack of income, it is not uncommon for young people to be in debt.
- Only way to get the things we want is to take out a loan.
Family and Goals
- Budgeting effects more than just yourself.
- Ex: going to college impacts current and future family.
- Current: parents help pay.
- Future: you have student loans (debt).
Financial Goals
Balancing Spending
- Most of what we want in life costs money.
- Money you receive through a job or career is known as income.
- Things that you value most and worth working for may require a financial plan.
- Budget – a plan for dividing income among spending and saving options.
- Most budgets are based on long or short term financial goals.
Section 6.1: Choose Your Financial Goals
- Monitoring short term spending is important to long term success.
- Consider short term wants and how they can impact your long term goals.
- Plan accordingly.
- Set a sum of money aside.
- A good budget allows you to enjoy yourself.
- Budgeting also requires opportunity cost.
Short and Long Term Financial Goals
- Short term financial goals - things you plan to accomplish within a year.
- Achieved quickly and with little planning.
- Problem: they add up fast.
- Long term financial goals > 1 year.
- House, car, family vacation, college.
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