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Personal Finance: Another Perspective

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Title: Your Personal Financial Plan and Goals Subject: Personal Finance Author: Bryan Sudweeks Last modified by: bls76 Created Date: 1/25/1998 4:56:56 PM – PowerPoint PPT presentation

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Title: Personal Finance: Another Perspective


1
Personal Finance Another Perspective
  • Personal Goals
  • and
  • your Personal
  • Financial Plan

2
Learning Objectives
  • A. Understand the role of personal financial
    planning in achieving your goals
  • B. Understand the requirements of your Personal
    Financial Plan
  • C. Understand what you want to accomplish in life
  • D. Know how to set real goals

3
Your Personal Financial Plan
  • Section I Introduction
  • Get a 1 binder with a clear cover TODAY!
  • Get a family picture or one of you doing
    something you enjoy and put it on the cover
  • Personalize this binder with a heading, i.e.
    Personal Financial Plan of . . . . and make it
    yours
  • Get 10 tabs for each of the 10 sections
  • Label the tabs (use typed and not hand-written or
    numbered tabs)

4
Your Personal Financial Plan
  • Section II Goals
  • Begin working on your personal financial plan
  • Short-term goals (1 year or less)
  • Medium-term goals (2-10 years), and
  • Long-term goals (10-80 years)
  • Your three top goals
  • Articulate and describe them as clearly as you
    know how
  • Answer the Question What does Heavenly Father
    want you to do or be?
  • Write your epitaph

5
Understand the Role of Personal Financial
Planning
  • What is the Purpose of Financial Planning?
  • Will Financial Planning help you make more money?

6
The Role Financial Planning (continued)
  • Why Isnt Personal Financial Planning Easy?

7
The Role Financial Planning (continued)
  • What Can You Accomplish As a Result of Financial
    Planning and This Course?
  • What is our ultimate goal?

8
The Role Financial Planning (continued)
  • President Ezra Taft Benson counseled
  • Plan for your financial future. As you move
    through life toward retirement and the decades
    which follow, we invite all . . . to plan
    frugally for the years following full-time
    employment. Be even more cautious . . .about
    get-rich schemes, mortgaging homes, or
    investing in uncertain ventures. Proceed
    cautiously so that the planning of a lifetime is
    not disrupted by one or a series of poor
    financial decisions. Plan your financial future
    early then follow the plan. (To the Elderly in
    the Church, Ensign, Nov. 1989, 4.)

9
Questions?
  • Do you understand the role of personal financial
    planning in helping you to achieve your goals?

10
Understand the Requirements for your Personal
Financial Plan
  • What is a Personal Financial Plan?
  • Is there a process to follow?
  • Step 1 Decide
  • Step 2 Evaluate
  • Step 3 Define
  • Step 4 Develop
  • Step 5 Implement
  • Step 6 Review

11
Step 1 Decide What You Want
  • What do you need to decide?

12
Step 2 Evaluate Your Financial Health
  • Why must you evaluate your financial health?

13
Step 3 Define your Personal and Financial Goals
  • Why must you decide what you want to accomplish
    in life?

14
Step 4 Develop a Plan of Action
  • Why is an action plan important?

15
Step 5 Implement Your Plan
  • How do you implement your plan?

16
Step 6 Revise Your Plan as Necessary
  • Why is re-evaluation of your Plan so important?

17
Your Personal Financial Plan
  • What will be do in this class?
  • Step 1 Decide what you want out of life
  • You will think about what is important
  • Step 2 Evaluate your financial health
  • You will develop financial statements
  • Step 3 Define your personal and financial goals
  • You will write down your goals
  • Step 4 Develop a plan of action
  • You will develop plans of what you need to do

18
Questions
  • Do you understand the requirements for your
    Personal Financial Plan?

19
C. Understand What you Want to Accomplish in Life
  • Think!!!!!!!

20
Personal Goals (continued)
  • Jessie B. Rittenhouse wrote
  • I bargained with Life for a Penny,
  • and Life would pay no more,
  • However I begged at evening,
  • When I counted my scanty store.
  • For Life is a just employer,
  • He will give you what you ask,
  • But once you have set the wages,
  • Why, you must bear the task.
  • I worked for a menial's hire,
  • Only to learn, dismayed,
  • That any wage I had asked of Life,
  • Life would have willingly paid.
  •    

21
Personal Goals (continued)
  • What do you want out of life?

22
Personal Goals (continued)
  • The gospel gives us wonderful direction in our
    lives, if we will let it. It has made a major
    difference in my personal life
  • It has helped my family and me set our major
    goals within the context of the restored gospel

23
Personal Goals (continued)
  • President Ezra Taft Benson said
  • Every accountable child of God needs to set
    goals, short- and long-range goals. A man who is
    pressing forward to accomplish worthy goals can
    soon put despondency under his feet, and once a
    goal is accomplished, others can be set up. Some
    will be continuing goals. . . Now there is a
    lifetime goalto walk in his steps, to perfect
    ourselves in every virtue as he has done, to seek
    his face, and to work to make our calling and
    election sure. (Ezra Taft Benson, Do Not
    Despair, Ensign, Nov. 1974, 65.)

24
Personal Goals (continued)
  • Elder M. Russell Ballard said
  • I am so thoroughly convinced that if we dont
    set goals in our life and learn how to master the
    techniques of living to reach our goals, we can
    reach a ripe old age and look back on our life
    only to see that we reached but a small part of
    our potential. When one learns to master the
    principles of setting a goal, he will then be
    able to make a great difference in the results he
    attains in this life. (Preach my Gospel,
    Intellectual Reserve, Inc., 2004, p. 146.)

25
Questions
  • Any questions on what you want to accomplish in
    life?

26
C. Know How to Set Real Goals
  • Decide What is Important to You

27
Setting Real Goals (continued)
  • Divide Your Life into Key Areas
  • Family
  • School
  • Career
  • Retirement

28
Setting Real Goals (continued)
  • I have found 6 areas that have helped me set
    real goals in my life
  • 1. Determine what Heavenly Father wants you to
    do or be
  • 2. Seek Heavenly Fathers help
  • 3. Start with the end in mind
  • 4. Write down your goals
  • 5. Remember your goals will change over time
  • 6. Have some fun goals

29
Setting Real Goals (continued)
  • 1. Determine What Heavenly Father Wants You to
    Do or Be

30
Setting Real Goals (continued)
  • 2. Seek His Help

31
Stay Worthy of His Help (continued)
  • i. Read your scriptures

32
Stay Worthy of His Help (continued)
  • ii. Seek guidance through prayer

33
Stay Worthy of His Help (continued)
  • iii. Re-read your Patriarchal Blessing

34
Stay Worthy of His Help (continued)
  • President Ezra Taft Benson said
  • Receive a patriarchal blessing. Study it
    carefully and regard it as personal scripture to
    you--for that is what it is. A patriarchal
    blessing is the inspired and prophetic statement
    for your life's mission together with blessings,
    cautions, and admonitions as the patriarch may be
    prompted to give... Receive your patriarchal
    blessing under the influence of fasting and
    prayer, and then read it regularly that you may
    know God's will for you. (Ezra Taft Benson,
    Ensign, May 1986, 4344).

35
Stay Worthy of His Help (continued)
  • iv. Remember Father's and Priesthood Blessings

36
Stay Worthy of His Help (continued)
  • v. Attend the temple

37
Setting Real Goals (continued)
  • 3. Start with the End in Mind

38
Setting Real Goals (continued)
  • Next, pretend you have a year, a month, a day to
    live

39
Setting Real Goals (continued)
  • 4. Write Down Your Goals

40
Setting Real Goals (continued)
  • Once you have written them down, think about them

41
Setting Real Goals (continued)
  • 5. Remember, Goals may Change

42
Setting Real Goals (continued)
  • 6. Have Some Fun Goals

43
Questions
  • Any questions on setting real goals?

44
Summary
  • Personal Financial Planning may not help you to
    earn more money, but it will help you to use your
    money more wisely.
  • It will help you become a wiser financial steward
    over the things God has give you and to use your
    agency better

45
Summary (continued)
  • 1. As part of your personal financial plan, think
    about what you want to accomplish. Put thought
    and prayer into it
  • This will probably the most important exercise
    you will do
  • Dont short-change yourself by not spending the
    time
  • Dont do it for me or the class. Do it for
    yourself!

46
Summary (continued)
  • 2. Think about your goals, what you want to
    accomplish, what it will take to accomplish them,
    and what can keep you from your goals.
  • Determine what you want to be remembered by.
    Write them down and begin to work toward them
  • List your goals in each of the areas school,
    family, work, etc.
  • Then list your goals short-term, medium term, and
    then long term

47
Summary (continued)
  • 3. Take your three most important goals, and
    explain them in detail
  • Spend lots of time and lots of effort to describe
    them
  • You are building the plan for your future life
  • Dont just make a sketchmake a real plan

48
Summary (continued)
  • 4. Answer the questionthe really important and
    critical question What does Heavenly Father
    want me do do or be?
  • This is a real key, for if you know what He wants
    you to become, and you become that, you cant do
    any better in this lifetime
  • Have the faith that He knows best

49
Summary (continued)
  • 5. Write your epitaph (or short obituary)
  • What do you want to be remembered by?
  • How do you want to be thought of?
  • Write it down and have fun doing it
  • This will teach you not only how to do well in
    life, but hopefully how to enjoy life as well

50
Summary (continued)
  • 6. Get a binder with a clear cover TODAY!
  • Get a family picture or one of you doing
    something you enjoy and put it on the cover
  • Get 12 tabs for each of the 12 sections
  • Begin working on your personal financial plan
  • Determine your short-term, medium-term, and
    long-term goals
  • Choose your three top goals, and articulate them
    as clearly as you know how
  • Answer the question What does Heavenly Father
    want me to become/accomplish?
  • Write your obituary (no minimum)

51
Summary (continued)
  • Learn to set real goals
  • Real goals are those that you really want to
    achieve and goals that are set with Heavenly
    Fathers help
  • You cannot to better than becoming what Heavenly
    Father wants you to become

52
Review of Objectives
  • A. Do you understand the role of personal
    financial planning in achieving your goals?
  • B. Do you understand the requirements of your
    Personal Financial Plan?
  • C. Do you understand what you want to accomplish
    in life?
  • D. Do you know how to set real goals?

53
Review Questions
  • 1. What is the role of financial planning in
    your life?
  • What can it help you achieve?
  • 2. Why is it so important to set goals?
  • What does setting goals help you to do?
  • Why is it important to write down your goals?
  • 3. Why is it important to set real goals?
  • What is the difference between a goal and a wish?

54
Possible Answers
  • 1. The role of financial planning is to help you
    learn to manage yourself and your finances so
    that you can achieve your personal goals.
  • Financial planning, if properly done, will help
    you
  • Understand the purpose of wealth in your life
    (ownership),
  • Become a better steward (stewardship),
  • Understand what you can become (agency), and
  • Make better and wiser choices (choice and
    accountability)

55
Possible Answers
  • 2. It is important to set goals as goals are the
    stars by which we set our sights by.
  • Setting and achieving goals helps you to achieve
    the things that you think are important.
  • It is important to write down your goals as a
    goal not written down is only a wish.
  • Henry David Thoreau wrote
  • If you have built castles in the air, your work
    need not be lost that is where they should be.
    Now put the foundations under them.
  • This class is to help take your castles and put
    foundations under them

56
Possible Answers
  • 3. Real goals are things that we really want
    (and perhaps even need) to accomplish, not just a
    wish or a thought that something would be nice.
  • Real goals are goals that are set with the help
    of Heavenly Father and are generally much more
    serious that other goals. Generally, real goals
    take an eternal perspective. (DC 4334)
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