goal-setting presentation for personal and farm business goals

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Goals and Strategies for Small Scale Animal Production Barbara O’Neill, Ph.D., CFP® Extension Specialist in Financial Resource Management Rutgers Cooperative Extension

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Slides describing how to set personal and farm business goals.

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Page 1: Goal-Setting Presentation for Personal and Farm Business Goals

Goals and Strategies for Small Scale Animal

Production Barbara O’Neill, Ph.D., CFP®

Extension Specialist in Financial Resource Management Rutgers Cooperative Extension

Page 2: Goal-Setting Presentation for Personal and Farm Business Goals

About the Instructor • Rutgers Cooperative Extension Specialist in

Financial Resource Management since 2004

• Extension Educator in Sussex County (1978-2004)

• Certified Financial Planner®

• Charter member of Annie’s Project NJ team

• Twitter handle: @moneytalk1

Page 3: Goal-Setting Presentation for Personal and Farm Business Goals

Workshop Topics • Goal Quotes

• What are Goals?

• Goal Advantages and Obstacles

• Steps to Setting Goals

• Developing SMART Goals

• Farm Business Goals

• Goal-Setting Resources

• Accountability Tools

Page 4: Goal-Setting Presentation for Personal and Farm Business Goals

Goal Quote #1 “A goal is a dream with a deadline” Napoleon Hill

Page 5: Goal-Setting Presentation for Personal and Farm Business Goals

Goal Quote #2 “ A goal is not always meant to be reached, it often serves simply as something to aim at.” Bruce Lee

Page 6: Goal-Setting Presentation for Personal and Farm Business Goals

Goal Quote #3

“Setting a goal is not the main thing. It is deciding how you will go about it and staying with that plan” Tom Landry

Page 7: Goal-Setting Presentation for Personal and Farm Business Goals

Goal Quote #4 “Those who fail to plan, plan to fail”

Page 8: Goal-Setting Presentation for Personal and Farm Business Goals

Goal Quote #5 “Setting goals is the first step in turning the invisible into the visible.” Tony Robbins

Page 9: Goal-Setting Presentation for Personal and Farm Business Goals

What Are Goals? A goal is a statement of what an

individual, family, or organization

(e.g., farm business enterprise)

wants to achieve in the future

Page 10: Goal-Setting Presentation for Personal and Farm Business Goals

Why Set Financial Goals? • Provide focus and direction

• Provide motivation to save and invest

• Provide “reality test” for dreams

• Serve as reference points for progress

• Aid decision-making

• Provide satisfaction when achieved

• Other?

Page 11: Goal-Setting Presentation for Personal and Farm Business Goals

Obstacles to Goal-Setting • Lack of motivation/desire

• Lack of role models

• Lack of time

• Uncertainty about how to set goals (process)

• Fear of not taking action to reach goals

• Other?

Page 12: Goal-Setting Presentation for Personal and Farm Business Goals

Start With Your Dreams (Bucket List)

Page 13: Goal-Setting Presentation for Personal and Farm Business Goals

Set Measurable Financial Goals

• Without goals, saving/investing is hard to sustain

• Need to have a “why” to invest (whatever it is)

• A goal should be personally meaningful

• Break a big goal into “mini” goals: – $1 million by age 65

– $500,000 by age 57

– $250,000 by age 50

Page 14: Goal-Setting Presentation for Personal and Farm Business Goals

Make Your Goals SMART • Specific: who, what, where, when, why?

• Measurable (e.g., progress benchmarks)

• Attainable (within your ability to achieve)

• Realistic (goals that “fit” lifestyle)

• Tangible (visualization = motivation)

http://www.extension.org/pages/11099/smart-financial-goal-setting#.Ux9joE2YaM8

Page 15: Goal-Setting Presentation for Personal and Farm Business Goals
Page 16: Goal-Setting Presentation for Personal and Farm Business Goals

Examples of SMART Goals • “Save $10,000 toward the cost of a new car in four

years”

• “Save $3,000 for a cruise in two years”

• “Save 10% of salary annually in a tax-deferred employer retirement savings plan”

• WRITE a personal SMART goal

Page 17: Goal-Setting Presentation for Personal and Farm Business Goals

Financial Goal-Setting Worksheet

http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdf

1 Goals

2 Approximate Amount Needed

3 Month & Year Needed

4 Number of Months to Save

5 Date to Start Saving

6 Monthly Amount to Save (2-4)

Short-Term (under 3 years)

Medium Term (3-10 years)

Long-Term (10 or more years)

Page 18: Goal-Setting Presentation for Personal and Farm Business Goals

Business Goal-Setting Benefits

• Important to individuals and families and business interrelationships

• Revisiting goals annually provides a forum for discussion

• Goal-directed management improves farm/ranch efficiency

• Reaching goals provides a feeling of accomplishment and pride

Adapted From: Managing for Today and Tomorrow: Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women

Page 19: Goal-Setting Presentation for Personal and Farm Business Goals

Seven Steps to Setting Farm Business Goals

• Assess where operation was in the past

• Assess family and farm/ranch resources

• Develop a general management plan

• Identify and establish specific goals and objectives

• Prioritize goals

• Develop action plans to implement goals

• Measure progress and reassess goals

Adapted From: Managing for Today and Tomorrow: Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women

Page 20: Goal-Setting Presentation for Personal and Farm Business Goals

Prioritizing Goals • Which goals are most important for family and/or

business well being?

• Which goals are short-term and long term?

• Do short-term goals conflict or impede long-term goals?

• Which goals are so important that they should be attained even if it prevents reaching other goals?

Adapted From: Managing for Today and Tomorrow: Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women

Page 21: Goal-Setting Presentation for Personal and Farm Business Goals

WRITE Some Farm Business SMART Goals

Examples: • “We will expand our herd to “X” [Name of Livestock] by

[Date]”

• “We will sell “X” pounds of [meat, wool, milk, etc.] by [Date]”

• “We will have 1,000 Twitter followers by [Date]”

• “We will earn “$X” of annual income by [Date]”

Page 22: Goal-Setting Presentation for Personal and Farm Business Goals

Goal-Setting Resources

Page 23: Goal-Setting Presentation for Personal and Farm Business Goals

Rutgers Cooperative Extension Money and Investing Site

http://njaes.rutgers.edu/money/

Page 24: Goal-Setting Presentation for Personal and Farm Business Goals

RCE Financial Fitness Quiz http://njaes.rutgers.edu/money/ffquiz/

Page 25: Goal-Setting Presentation for Personal and Farm Business Goals

What is Your Risk Tolerance?

Take the Rutgers Cooperative Extension Investment Risk Tolerance Quiz: http://njaes.rutgers.edu/money/riskquiz/

Page 26: Goal-Setting Presentation for Personal and Farm Business Goals

Small Steps to Health and Wealth™

What People Think About, They Bring About!

http://njaes.rutgers.edu/sshw/

Page 27: Goal-Setting Presentation for Personal and Farm Business Goals

The Ball Park Estimate • Six easy steps; can do online or download paper worksheet • Can do online at www.choosetosave.org • Flexible annual retirement income and life expectancy figures • Assumes a 3% constant real rate of return

Page 28: Goal-Setting Presentation for Personal and Farm Business Goals

MyMoney.gov (Federal Government)

http://www.mymoney.gov/

Page 29: Goal-Setting Presentation for Personal and Farm Business Goals

Helpful Extension Goal-Setting Publication

• Goal Setting for Farm and Ranch Families (Oklahoma)

• Includes Goal Setting Worksheet for business goals

• http://pods.dasnr.okstate.edu/docushare/dsweb/Get/Document-1674/F-244web.pdf

Page 30: Goal-Setting Presentation for Personal and Farm Business Goals

Accountability Tools • Spreadsheets

• Online calculators

• Calendars

• Post-it Notes

• Automated text messages

• Automated saving/investing deposits

• http://www.futureme.org/: e-mail yourself savings goal reminders

Page 31: Goal-Setting Presentation for Personal and Farm Business Goals

Avoid Goal-Setting Pitfalls Try NOT to…

• Make goals too lofty

• Do too many things at once

• Leave yourself vulnerable to unexpected events

• Fail to use available information

• Set goals without including all decision makers

• Ignore good plans once you develop them

Adapted From: Managing for Today and Tomorrow: Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women

Page 32: Goal-Setting Presentation for Personal and Farm Business Goals

Comments? Questions? Experiences?

Barbara O'Neill, Ph.D., CFP®

Extension Specialist in Financial Resource Management and Distinguished Professor Rutgers University Phone: 848-932-9126

E-mail: [email protected]

Internet: http://njaes.rutgers.edu/money/

Twitter: http://twitter.com/moneytalk1