Identify short-term and long-term personal financial goals.
DefinitionIdentification should include
- a definition of short-term financial goals, which require money beyond what is normally allowed by a budget (e.g., for emergencies, vacations, social events, major purchases, gifts, celebrations)
- a definition of long-term financial goals, which are usually anticipated major purchases that require saving (e.g., for home ownership, education, retirement, investments)
- a statement of personal short-term and long-term financial goals and ways to accomplish them.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of personal financial planning by
- identifying short-term and long-term personal financial goals;
- identifying anticipated and unanticipated income and expenses;
- examining components and purposes of a personal net worth statement;
- developing a personal budget;
- investigating the effects of government actions and economic conditions on personal financial planning; and
- explaining how economics influences a personal financial plan.