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?

    <p>Creating S.M.A.R.T. goals</p> Signup and view all the answers

    What is the overall outcome of reaching financial goals?

    <p>Satisfaction</p> Signup and view all the answers

    What is the simplest definition of a budget?

    <p>Telling your money where to go</p> Signup and view all the answers

    Why is budgeting important?

    <p>To reflect your values</p> Signup and view all the answers

    What does income include in a budget?

    <p>All of the above</p> Signup and view all the answers

    What are considered budget needs?

    <p>Housing/utilities</p> Signup and view all the answers

    What do budget wants include?

    <p>Dining out</p> Signup and view all the answers

    What is the main purpose of budgeting?

    <p>To plan for future financial goals</p> Signup and view all the answers

    What does a good budget include information about?

    <p>Income, budget needs, budget wants, and savings goals</p> Signup and view all the answers

    What is considered as income in a budget?

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

    What factors influence an individual's budget needs?

    <p>Desired lifestyle and career progression</p> Signup and view all the answers

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

    <p>By pulling all financial information together and ensuring the budget balances</p> Signup and view all the answers

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