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15 Questions

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Financial Goal Setting Module

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Questions and Answers

What is the first step in the six-part financial goal setting process?

Create S.M.A.R.T. goals

Brainstorm your goals (correct)

Develop an action plan

Review the goal setting process

Why is setting financial goals important?

It makes it easier to fail

It helps you live out your values with your money (correct)

It is a waste of time

It limits your options

What is one common mistake people make with goal setting?

Planning for when things get challenging

Following the six-step financial goal setting process

Having a clear finish line

Taking on too many goals at once (correct)

What can help individuals stay on track with their financial goals?

Creating S.M.A.R.T. goals Signup and view all the answers

What is the overall outcome of reaching financial goals?

Satisfaction Signup and view all the answers

What is the simplest definition of a budget?

Telling your money where to go Signup and view all the answers

Why is budgeting important?

To reflect your values Signup and view all the answers

What does income include in a budget?

All of the above Signup and view all the answers

What are considered budget needs?

Housing/utilities Signup and view all the answers

What do budget wants include?

Dining out Signup and view all the answers

What is the main purpose of budgeting?

To plan for future financial goals Signup and view all the answers

What does a good budget include information about?

Income, budget needs, budget wants, and savings goals Signup and view all the answers

What is considered as income in a budget?

Main paycheck, side hustles, part-time jobs, or monetary gifts Signup and view all the answers

What factors influence an individual's budget needs?

Desired lifestyle and career progression Signup and view all the answers

How can one create their very first budget according to the text?

By pulling all financial information together and ensuring the budget balances Signup and view all the answers