Quick Answer: What Two Characteristics Are Key In Reaching Your Goals?

Why are career planning activities considered to be personal financial decisions?

Why are career planning activities considered to be personal financial decisions.

The career selected is a key to financial well-being and personal satisfaction.

Identify the type of risk being described – Training for a career field with low potential demand in the future..

What are the 5 characteristics of good goals?

You may also want to break goals into sales, marketing, development and company employee growth. Most businesses use the SMART model for goal setting: Specific, Measurable, Achievable, Relevant and Timed. These are specific characteristics used in successful goal setting.

What are the six key components of a financial plan?

Essential Components to a Financial PlanGoals & Objectives: Goals and objectives should be listed by priority and should be as specific as possible. … Income Tax Planning: … Balance Sheet: … Issues & Problems: … Risk Management and Insurance: … Retirement, Education, and Special Needs: … Cash Flow Statement: … Investment Planning:More items…

What are the main characteristics of useful financial goals?

Terms in this set (5)specific. you know what your goals are to create a plan to achieve them.measurable. measurable with a specific amount.action-oriented. provide the basis for personal financial activities you will undertake.realistic. involve goals based on your income and life situation.time.

What are the main components of personal financial planning?

9 components of personal financeIncome. You can’t rightly think about how to handle your money if you don’t have any. … Taxes. Everything that you earn is going to be taxed, but you can be better prepared if you plan for it. … Insurance. … Debt. … Expenses. … Savings. … Retirement. … Investments.More items…•

What are some examples of personal opportunity costs?

Some examples of personal opportunity costs are time, energy, health, abilities, and knowledge. For instance, time used for working cannot be used for exercising, and a lack of exercise may result in illness and increased health care costs.

What is one characteristic of a clear goal?

“It’s measurable.” -is one characteristic of a clear goal.

What are the 7 key components of financial planning?

The 7 Elements of a Financial PlanRetirement plans.Investment management.Social Security Planning.Risk Management.Tax Planning.Estate Planning.Cash flow and budgeting.

What is the current value of a future amount based on a certain interest rate and a certain time period?

CardsTerm Personal Financial PlanningDefinition The process of managing your money to achieve personal economic satisfaction.Term Present ValueDefinition The current value for a future amount based on a certain interest rate and a certain time period: also referred to as discounting.102 more rows•Jan 5, 2011

What is financial opportunity cost?

In economics, risk describes the possibility that an investment’s actual and projected returns are different and that the investor loses some or all of the principal. Opportunity cost concerns the possibility that the returns of a chosen investment are lower than the returns of a forgone investment.

What are the characteristics of properly set goals?

Goals must be challenging, focused, measurable and relevant.Goals Must Be Challenging in Order to Be Motivating. … Goals Must Be Focused and Not Overwhelming. … Goals Must Be Objective and Measurable. … Goals Must Be Updated and Kept Relevant Throughout the Year.

What are the six components of financial planning?

Major key elements are Cash-flow management, Investment management, Tax planning, Insurance assessment, Retirement planning and Estate planning.

What 7 factors should you consider when setting goals?

There are many variations of what SMART stands for, but the essence is this – goals should be:Specific.Measurable.Attainable.Relevant.Time Bound.

How do you achieve your goals?

Here are five goal setting tips that I have used which will help you to join the 8 percent of people who achieve their goals.Aim High, But Start Low, Celebrate and Keep Going.Don’t Let Others Set The Goals For You.Be Clear What Success Looks Look.Understand Why This Goal Is Important.Track Your Performance.

What are the characteristics of properly set goals quizlet?

Terms in this set (5)Specific. Goals must call for specific actions, behaviors or events to be successfully met. … Measurable. Goals must be measurable to assure success. … Achievable. Goals must be achievable. … Realistic. … Timely.