4. ‘My goal is to be a millionaire by the time I’m 30.’ Identify the problems with this statement as a short-term financial goal. Select all possible answers. A. It is not specific. B. It is unrealistic. C. It is too realistic. D. It is a longer-term goal. E. It is impossible. 5. State the steps involved in preparing a budget. ANALYSE AND APPLY 6. Describe the benefits of preparing a cash budget. 7. Explain what is meant by the term budget and outline why a budget might be a useful tool for an individual touse. EVALUATE AND COMMUNICATE 8. Provide two examples of short-term personal financial goals. Evaluate the costs and benefits of setting short-term personal financial goals. Answers and sample responses for this topic are available online.
LESSON 22.3 What are long-term personal financial goals?
LEARNING INTENTION By the end of this lesson you should be able to:
• identify and explain options for a budgeting and savings plan using long-term personal financial objectives • explain why the prioritising of needs and financial responsibilities over personal wants is important.
Tune in
Setting goals and budgeting helps us to save money for our expenses. 1. With a partner, make a list of the financial goals that you might have as an adult. One example might be buying a house. 2. List the possible sources of income that you might have as an adult. This may include access to a steady income. 3. What might be the typical expenses that you would have as an adult? Using the following categories, list the costs that you may encounter as part of your total monthly expenses.
FIGURE1 What are your financial goals?
Entertainment
Home & utility bills
Insurance
Groceries
4. What things are missing? What other categories of expenses might you have?
632 Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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