personal finance mr. mark harris. exploring values, wants, and needs
TRANSCRIPT
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PERSONAL FINANCE
Mr. Mark Harris
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Exploring Values, Wants,
and Needs
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OBJECTIVES• Define value.• Explore personal values.• Identify the difference between a need and a want.• Understand how personal financial decisions are influenced by an
individual’s interpretation of needs and wants.• Define goals.• Differentiate between short-term and long-term goals.• Establish SMART goals for participation in this class this semester.
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VALUES
• Something that is desirable, worthwhile, and important
• Influenced by family, friends, teachers, coaches, television, and movies
• Each person has different values which guide his/her daily decisions
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WHAT ARE YOUR VALUES?
Name three values that are important to you.
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BEST FRIEND ADVERTISEMENT• Write an advertisement for a best friend– Include at least five qualities or characteristics you
desire or value in a friend– Describe why those qualities are important to you.
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NEEDS VS. WANTS• Need - something necessary or required
for life• Name some needs???
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How Much Money Does A Person Need?
• Families in India earn $1.00 to $2.00 a day.
• Could your family live off $1.00 to $2.00 a day?
• What do you think families in India think they NEED?
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How Do Values Influence Needs?
– You need shelter, but do you NEED a mansion?
– You need clothes, but do you NEED designer clothes?
–WHAT DO YOU NEED?
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NEEDS VS. WANTS
• Want - something unnecessary but desired
• May increase the quality of living or make a person happier
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How Do Values Influence Wants?
– If being popular or having all of the newest gadgets is valued, a person may have a lot of wants.
–WHAT DO YOU WANT?
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A WANT OR A NEED? YOU DECIDE…
Car
Nike Sneakers
Hot Tub
Computer
Food
I-Pod
Cell Phone
Clothes
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THOUGHT PROVOKING?• How do values influence how people spend money?
– Example: If an individual values helping others, he may decide to give money to a church or other charitable groups
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THOUGHT PROVOKING?
How do needs and wants influence how people spend money?
How do needs and wants influence how people spend money?
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REVIEW. . .• What is a value?• Who influences values?• What is a want?• What is a need?• How do values, wants, and needs influence
financial decisions?
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GOALS
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• A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future.
• A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future.
Identifying goals makes decision making easier.Identifying goals makes decision making easier.
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Financial goals are specific objectives to be
accomplished through financial planning
Financial goals are specific objectives to be
accomplished through financial planning
Education goals enable individuals to prepare for
future success in the workplace
Education goals enable individuals to prepare for
future success in the workplace
Short-term goals are specified as less than one
year
Short-term goals are specified as less than one
year
Long-term goals are specified as more than
one year
Long-term goals are specified as more than
one year
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SMART Educational Goals
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Activity for Review• Work with your partner on the activities
of Chapter 1 of your NEFE workbook.