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Values, Needs vs. Wants and Goal Setting
Understand how personal financial decisions are influenced by a person's interpretation of needs, wants, values, and goals.
9
Finance
10th Grade
05/22/2012

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Term
need
Definition
something thought to be a necessity or essential items required for life
Examples: food, water, and shelter
Term
want
Definition
something unnecessary but desired or items which increase the quality of living
Examples: car stereo, convertible car, designer clothes
Term
value
Definition
a fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Values are influenced by the experiences they have had throughout their life.
Term
goal
Definition
the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future
Term
education goals
Definition
enable individuals to prepare for future success in the workplace
Term
financial goals
Definition
specific objectives to be accomplished through financial planning
Term
financial planning
Definition
a tool used to achieve financial success based upon the development and implementation of financial goals
Term
long-term goals
Definition
goals specified as more than one year
Term
short-term goals
Definition
goals specified as less than one year
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