Unit 1  Personal Financial Management


Goal-setting is one of the most essential steps in creating a financial management plan that will succeed. Goals provide incentives for good management. One reason many people fail financially is because they have no long-term goals for which to strive. Some goals are attainable immediately; some are attainable in the near future, while others can be achieved after a long period of time. Make your goals definite and attainable. Clearly-defined goals not only encourage the wise use of your resources, but also stimulate you to achieve them. Goal-setting is a continual process, and new goals should be formulated as situations change.

Let's use the following exercise to differentiate between long-term goals and short term goals. Click here.