1-Personal Exploration Presentation.pptx

Bell Work ◦ What is your definition of Personal Finance?  Personal Finance Edition By: Mr. Herbst Personal Exploration  Financial Planning Think and Discipline Is Key About To One’s Financial Freedom. It… - Kishorkumar Balpalli ...

Bell Work ◦ What is your definition of Personal Finance?  Personal Finance Edition By: Mr. Herbst Personal Exploration  Financial Planning Think and Discipline Is Key About To One’s Financial Freedom. It… - Kishorkumar Balpalli  How Much Do You Know About Personal Finance? Take the quiz to see how many Just a reminder, these are topics questions you can get right! we will cover this semester https://www.consolidatedcred throughout the Personal Finance it.org/financial-literacy/test/?f course. In this unit, we will be bclid=IwAR326QECZ58IproEH focusing on your future visions, 4rJLPgcbyo58AaYeWUWK07ol goals, and career to help you megXYV3j9ayQy3eOrE understand your potential future personal finances. Why Click below watch this video. Personal 7 Reasons ALL Kid s MUST Learn Pers Finance? onal Finance - Eas y Peasy Finance fo r Kids and Beginn ers  Personal Finance is the financial management that an individual or a What Is family unit performs to budget, save, invest, and Personal spend monetary resources over time while also taking various Finance? financial risks and future life events into account. Monetary is relating to money or currency. Why Personal Finance? Personal Finance includes the Learning Personal Finance following: will let you know how to ○ Credit make smart financial ○ Debit decisions to better your life ○ Saving and achieve your goals. ○ Investing It helps you with: ○ Budgeting ○ Short-term and long- ○ Insurance term goals. ○ Banking ○ Make the most of your ○ Mortgages income and savings. ○ Retirement ○ Understand the ○ Taxes difference between good and bad advice 08/28/2024 Agenda Objective 1. Direct lecture personal exploration slides Students will understand 8- 20 2. Complete SMART goals activity SMART Goals and develop a plan for their future personal finances.  Personal Decision Making Why may you ask? Helping you understand what you plan for your future and understanding the income that Before diving deep into Personal Finance has can come from your career will the ins and outs of a lot to do with help you make smarter Personal Finance, you personal decision- financial and life choices. need to dig deeper into making; the first step For example, if you choose a your future plans, goals, is to visualize your career that only makes a education, and career. future to make your $30,000 salary, but you want a best decisions. $500,000 home, it won’t be realistic to achieve. So this unit will help you get a better balance between your goals and visions to help your financial decisions. Vision This is an essential question to ask yourself before What life do deciding on your career path and you want to making important life live? choices. You need to choose a career that can support the lifestyle you want to live.  What makes you happy in life? What is your dream career? Questions to What type of lifestyle ask yourself do you want? How do you want to be about your known and remembered? vision… How are you going to achieve these goals?  Present vs Future- Think About The Questions Below What would you like to do Do you have food, water, different in your life for the shelter, and clothes to live? future? Do you feel secure and safe? You have control over the Do you have a sense of choices you make and what belonging? lifestyle and career you want. Do you feel good about What do you want in the yourself and value yourself? following? Do you feel mature, Relationships accomplished, in control? Work Personal Material Items Planning After thinking about your present and future, you will also need to consider the following about your lifestyle before setting goals for your future. -Marital Status -Transportation - - Savings -Kids -Clothes Entertainment - -House -Food -Health Care/ Miscellaneous Child Care Now that we have considered many aspects of your future, it’s time to create a vision for yourself. Complete the letter to your future self assignment  Bell Work Why is it important to set financial goals?  Goal Setting Now that you have Short Term Goals: Long Term Goals- envisioned the Within the next Five years to lifestyle you would couple of years. FOREVER! like, it's time to Example: You Example: You want make short-term want to graduate to purchase a house and long-term from High School and get married. goals. and go to Cosmetology School, and then travel the world. Smart Goals SMART Goals are an excellent guide to helping you set great goals. SMART Goals Specific (simple, sensible, significant) Measurable (meaningful, motivating) Achievable (agreed, attainable). Realistic(reasonable, relevant and resourced, results-based) Time-bound (time-based, time-limited, time/cost limited, timely, time- sensitive) https://www.youtube.co Set Goals that Motivate You When you set goals for yourself, it is essential that they motivate you. This means making sure that they are essential to you and that there is value in achieving them. If you have little interest in the outcome, or they are irrelevant given the larger picture, then the chances of you putting in the work to make them happen are slim. Motivation is key to achieving goals. Sets Goals In Writing The physical act of writing down a goal makes it real and tangible. You have no excuse for forgetting about it. Make an Action Plan This step is often missed in the process of goal setting. You get so focused on the outcome that you forget to plan all of the steps that are needed along the way. By writing out the individual steps, and then crossing each one off as you complete them, you'll realize that What’s wrong with this goal? What changes would you suggest so the goal is SMART? Katrina Goal #1 RE-Written SMART GOAL #1 S Katrina would like to buy a dress at the mall for Save $200 for a trip to prom. M Katrina likes a dress that costs $200. the outlet mall A Katrina can save $25 from her weekly babysitting job where she earns $100+ each weekend. Student s, f on the p ollow along R Katrina is a senior and going with her friend, ractice a doc a nd ctivity complet Wesley improve e d and S t he T Prom is 10 weeks away (so that will give her goal MARTe r more than enough $$$!) What’s wrong with this goal? What changes would you suggest so that the goal is SMART Katrina SMART GOAL #2 KATRINA GOAL #2 S Katrina needs a new computer for college. M Katrina aims to purchase the Lenovo she researched for $650. A Katrina can save $25 from her weekly babysitting Buy a new job (Katrina babysits often and can manage this while she is also Computer saving for her dress) R Katrina’s studies require a computer to earn her degree. T Katrina will begin school in 7 ½ months (so plenty of time to save for the computer she researched and selected). Complete the SMART Goals Activity  Bell Work What type of education/training/skills will you need for your future career?  How do you get from Think where are you right About now to where you want to go? It…  Education & Advancement Education is Now it is time to To transition essential when it figure out the smoothly from comes to your steps you need high school to future career, college to career, to take to which then will you will have to achieve the affect your navigate through career you want. some personal personal finances. challenges, including culturally, financially, and professionally.  ◦ What career do you want? ◦ What classes should you take in high school that relate to this Questions to career field? ◦ What steps or goals do I need to ask yourself achieve? to prepare: ◦ Do I need to go to college? ◦ What work experience do I need? ◦ How am I going to pay for this? ◦ How will I adjust to the work environment? Career/ Salary Your career choice will affect your salary, affecting your Tips: On the personal finances. following slides, I Today, we will dig deeper into your education/ career options will be sharing and evaluate many aspects of some tips for the career, salary, etc., to see applying for if it’s something that would interest you and help you college or meet your Personal Finance employment. goals.  Applying for Colleges 1 2 3 4 5 6 7 8 9 Talk with Know what Know Read all Proofread Get high Get Keep Confirm your colleges your instructio all school recomme copies of your counselor you are deadlines ns for applicatio transcript ndations everythin applicatio s for full interested for applying ns and be s. that g. ns have in. and know instructio applicatio honest! represent arrived. ns Go on ns what you well. campus materials tours, you will research need to your apply. options. Scholarships & Financial Aid ◦ If you want to go to college but are worried about the costs, here are several ways you can help pay for college: ◦ FAFSA ◦ Free Application for Federal Student Aid puts you in the running to receive financial aid, including federal grants, work-study opportunities, student loans, and state and school- based aid. ◦ Scholarships ◦ Scholarships, unlike student loans, don’t have to be paid back. Thousands are available, so be sure to use a scholarship search tool to narrow your selection. ◦ Grants ◦ Guides to grants: https://www.nerdwallet.com/blog/loans/student-loans/grants-for-college/ ◦ Work-Study Jobs ◦ These provide income, work experience, and potentially valuable connections—the federal work-study program funds part-time jobs for college students with financial needs. ◦ Other Options: ◦ Federal Loans, Private Loans, Savings Accounts, choose an affordable school. ◦ A great website to search for scholarships: ◦ https://bigfuture.collegeboard.org/scholarship-search  Post-Secondary Options State & Apprenticeship Private Career Studying National The U.S. s: Earning & Technical Abroad Service Military While Learning Schools Opportunities 2 Year College- 4 Year College- Business Start- Community U.S. Armed Distance or University & Ups College or Forces Service Vocational- Liberal Arts E-Learning Or Enter Academies Technical School College Workforce Applying for Employment Whether you went to college or decided to go into the workforce, it's now time to apply for jobs, listed below are some steps to help you apply for jobs: ◦ Search for jobs you are qualified for using the internet or connections. ◦ Apply for multiple positions. ◦ Create a cover letter and resume that will help you get recognized. ◦ Have the correct documents you need to apply. ◦ List references that you trust and will help give you a good image for that position. ◦ Dress professionally for your interview. ◦ Be yourself when you interview.  Remember Life is full of twists and turn and is unpredictable. You can work hard, reach your goals, financial success, and still have something change instantly. The plan in this course is to give you knowledge and tools in all aspects of finances so you can handle whatever life events come your way and help protect yourself financially. Complete the Career Exploration Activity