In chapter 1 of the Personal Finance textbook we find the definition of a SMART goal. The best goals are S-M-A-R-T in the sense that
The more specific, measurable, action-oriented, realistic and time-sensitive your goals are, the more likely they will be realized during your lifetime. For further explanation, please review the author's discussion about SMART goal setting in her text by clicking on this link.
Here is a flow chart for the process of setting a SMART goal:
For an example of how to apply a SMART plan to a real life example, please click on this link to access a spreadsheet that helps you calculate the cost of purchasing a big ticket item (such as a car).
February 18, 2015
Hi Students,
Today our objective is to learn some of the differences between Net Worth and Net Income.
One is more of a flow concept that should be monitored at least monthly, while the other is more of a big picture, frozen snapshot concept that should be reviewed at least once per year.
BOTH are excellent ways to gauge your personal financial health.
To access today's presentation, please click on this link.
