Financial Goals

What is the definition of a "financial need"?

• Food, Water, Shelter

• Anything that helps achieve your goals

• Anything that, without it, your life would be negatively impacted.

• Things that you can afford

What would NOT constitute a "Short Term Goal"?

• Vacation

• Student Loan Payment

• Rent Payments

• Retirement Fund

Which one is a "Mid-Range" goal?

• Credit Card Payment

• Buying a car

• Phone Bill

• College Fund savings

How much time (minimum) constitutes a "Long Range Goal"?

• 5 Months

• 5 Years

• 10 Years

• 20+ Years

In the "50-30-20" plan, what should 30% of your monthly income go towards?

• Wants

• Needs

• Savings

• None of the above

In the "50-30-20" plan, which should 50% of your monthly income go towards?

• Wants

• Needs

• Savings

• None of the above

What is the key to achieving a financial goal?

• Getting more money

• Saving more money

• Borrowing more money

• Controlling your money

What is "financial security"?

• $15,000 of excess money a year

• Enough money to pay for your needs and wants

• Enough to save, spend, invest, and achieve your goals

• A safe place to store your money

Which of these is a financial "want"?

• Shoes to wear to school

• A car so you can get to work

• A new outfit

• Anything that your life would not be negatively impacted without

How much should you be saving every month?

• As much as possible

• $200-300

• 20% of your monthly income

• 40% of your monthly income