1. (SET POLLING TO 4 ANSWERS; UNCHECK “Make responses visibile”)
(START RECORDING)
After determining your spending patterns and needs, the next important step in financial
planning is to set well thought‐out goals. Without goals we tend to float from one thing to
another and may not accomplish much.
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2. Goals are determined by our values first, then circumstances and resources.
Values are the beliefs and practices in your life that are very important to you. Many things
influence your values – parents, other family members, friends, religion, things you read
and view, experiences you have. Values may change over time as you learn and do new
things.
Your values affect the choices you make, including your choices about money. Maybe you
believe it’s important to help people in need. Or maybe your would rather have money in
the bank than a new car. These types of beliefs and practices reveal your values about
money.
Knowing your values and what really matters to you makes it much easier to create a plan
for getting the things you really want. Young people’s values are just forming. Help them
examine what they, and your family, hold important and help them keep those values in
mind as they form goals for the use of their money.
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3. Here are some values that young people might hold.
(READ EXAMPLES)
Are there some other examples that you might share? Type them in the chat box.
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4. A goal is something you aim for – something you want to be, do, or have at some future
time. It points you in the direction you need to take. Achieving a goal gives you a sense of
accomplishment, which spurs you on to settling new goals for even bigger and better
things. Learning to identify and set clear goals is key to your success in life.
Knowing what you’re aiming for makes it a lot easier to map out a process to see what you
have to do to meet your goal. Setting clear financial goals is important. It’s easier to find
the money for a June trip to Florida if you decide in January that this is what you want, then
make a plan to save for it, instead of trying to scrounge up the money to go at the last
minute.
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5. One thing you need to know about your goals is how long you expect they will take to
accomplish. To be more useful, they should be divided into time categories.
Group goals to be achieved within 3 months as “Short‐Term Goals.”
Goals for 3 months to a year are “Intermediate‐Term Goals.”
“Long‐Term Goals” are those that will take more than a year to accomplish.
Other time periods that make sense can be used. Adults often use 1‐3 years for Short‐Term,
3‐10 years for Intermediate, and over 10 years for Long‐Term goals.
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6. Is this a short‐, intermediate‐, or long‐term goal? Use the poll answering box over the
participant list to indicate your answer.
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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7. Which category would this goal fit into?
(PUBLISH THE POLL RESULTS)
The term of this goal would depend on how far away the senior trip would be. It could fit in
any of the categories.
(CLEAR POLL)
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8. What length is this goal?
(PUBLISH THE POLL RESULTS)
This would probably be a short‐term or intermediate goal. Most people don’t plan for tires
more than a year in advance.
(CLEAR POLL)
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9. What would you choose for this goal?
(PUBLISH THE POLL RESULTS)
Since most people want or need an immediate replacement for their phone, this would
probably be a short‐term goal.
(CLEAR POLL)
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10. We all want it now, and especially kids. We often don’t stop to think that buying one thing
means I must do without something else, or without something better.
Especially with longer term goals, you have to be willing to give up something you want
now to get something even better in the future.
Many Americans are in credit card debt because they opt for instant gratification – to buy
something as soon as they see it. Putting items on credit means it costs you more in the
end compared to paying cash – costing extra money that could have been used for other, or
better, things.
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11. Here are some examples of delaying instant gratification in order to get something better
later. (READ EXAMPLES)
Can you provide another example in the chat box?
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12. Vague goals are of little use and won’t get you far. Good goals are not just clear, they are
SMART. Goals need to meet the SMART test, being Specific, Measurable, Attainable,
Realistic, and Time‐Limited.
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13. Here are examples of goals that meet each of the SMART criteria.
S – (READ EXAMPLE) this goal lays out exactly where the person wants to go, for how long,
and what they will be paying for.
M – (READ EXAMPLE) now we know how exactly how much they hope to raise to finance
the trip and from what sources.
A – (READ EXAMPLE) this person has the income sources to garner the funds if they stick to
their plan.
R – (READ EXAMPLE) we often make plans or purchases that we hope we can cover later,
which is very poor planning. This person set their goal in such a way that sufficient
resources remain to meet other expenses.
T – (READ EXAMPLE) a time limit has been set and the person setting the goal will need to
keep to the schedule.
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14. Here are some examples of well written goals that meet the SMART guidelines and fit in
the different time categories.
(Read examples)
Remember that the time periods can be adjusted to meet each person’s situation. In other
words, if it works better, short‐term could be 1 year instead of 3 months, and long‐term
could be increased from 1 to 5 years.
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15. Use the poll answering box over the participant list to indicate your answer to the question.
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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16. Which is more measurable?
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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17. Which is more attainable?
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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18. Which is more realistic?
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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19. Which is most time‐bound?
(PUBLISH THE POLL RESULTS)
This would be a short‐term goal, since it is under three months.
(CLEAR POLL)
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20. Here is a goal worksheet that I will share with you in a minute. Let’s look at the first goal
and see what might be missing to make it a SMART goal. Type in the chat box what items
you see are missing.
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21. Here are the things I saw that keep this from being a SMART goal.
S – Where? With whom?
M – What will it cost?
A – Where will the money come from?
R – Will I have enough for other needs?
T – What dates & how long?
I am going to have the program share this document with you, so you can practice on the
other goals shown here.
(FILE TRANSFER WINDOW: Are the Goals SMART.pdf)
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22. Goals need to be meaningful to you if you have any expectation of keeping them. They
need to be something the person setting them really wants to achieve and not just
something friends or parents think they should do.
So, remember that your child’s goals may be much different than those you would pick for
them. They might be quite short‐sighted and self‐centered from your point of view. You
cannot change this all at once. Let them start small and personal at the outset and gain
confidence in the process by seeing success. Then keep working with them to expand their
vision and purpose and look further down the road, setting larger and more long‐term
goals.
However, remember, if you take all the fun and immediate sense of accomplishment out of
their financial life, they will soon forget the whole process. Help them learn to balance
short‐term fun with delayed gratification.
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23. It has been shown that our brain tends to move us in directions to fulfill the images we
hold of ourselves and life around us. A proven method to cement the mind‐image of what
we want to accomplish financially, or in any other part of our lives, is to write down our
goals and then review them on a regular basis. This process begins to form a picture
association from words to brain, and then our brain begins to look for ways to fulfill the
picture.
SMART goals need to be clearly written down, with all the details. Then, either post your
goals where you will stop and look at them regularly (on the refrigerator, on the bathroom
mirror, on your desk), or get them out periodically and review them. A good time for adults
to review their financial goals is every time they take the time to pay bills or set a monthly
budget. If your children don’t have this responsibility, find a way for them to continue to
remind themselves of their goals and what they need to do to accomplish them.
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24. The majority of this information was taken and adapted from the National Endowment for
Financial Education’s program materials for high school financial planning. However, the
general principles can easily be taught to children of a younger age. Children of elementary
age can begin to learn the principles of delayed gratification, that spending money on one
thing means they will have to do without something else. And they can begin saving for
something they really want. Even young children can set small financial goals and see them
accomplished, laying the foundation for larger and more far‐reaching goals as they grow
older.
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25. I am going to tell the program to share with you this worksheet called “My SMART Goals.”
You can use this form to help young people, or anyone, develop their first goals. You might
want to make copies or similar charts to help them with future goal‐setting.
(FILE TRANSFER WINDOW: My SMART Goals.pdf)
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26. I am sharing a copy of these slides and speaker notes with you. You may download them to
your computer if you wish.
Depending on time:
Do you have any questions? Or do you have any hints that would help young people set
and accomplish financial goals? In the time we have left, use the chat box to send your
questions or comments and I will try to address them.
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