Use the S.M.A.R.T. planning model and information in this section to evaluate Alice’s goals. A. Pay-off Student Loans Specific-In order to be specific on her goal to pay off her student loans she needs to determine who is to be paid, how much is owed, and why she wants to pay off her student loans. Measurable-In order to measure Alice’s goal to pay off her student loans she should keep track of the extent to which the goal has been met. Has she paid her loan down by half? How many payments does she have remaining? Attainable-To ensure her plan to pay off her student loans is attainable, Alice should ensure that her goal can be met by taking into consideration any factors that may hinder her (such as varying living expenses). Realistic-Alice
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She now asks herself, “Where do I go from here”. Alice has established very broad goals for her life. Her goals include paying off her student loans, buying a house and saving for her children’s education, to accumulate assets, retire, and travel and the world in a sailboat. Achieving a goal is complicated and risky but Alice can increase her odds of being successful if she implements the S.M.A.R.T. model. This planning model represents a goal which is Specific, Measurable, Attainable, Realistic, and Timely. Alice has determined what her goals are but she needs to be more specific. ‘Specific’ represents the ‘S’ in S.M.A.R.T. Being specific should answer the Six W’s: Who, What, When, Where, Which, and Why (assuming they are applicable). Alice’s goal is to eventually buy a house. When she gets to this point she will have to determine who all will be involved in the goal? Does she have children or a spouse? Will she be caring for her parents? What specifically does she want? Does she want a home in the city or a home in the country where she can have a small farm? When should also be addressed. Does she want to purchase a house immediately after paying off her student loan? Alice will have a higher chance of accomplishing her given goal if she is specific. I want to buy a house in the city with my husband six months after I pay off my student loan. After the specific goal has been …show more content…
If Alice measures her progress she will be more likely to stay on track to reach the goal at the targeted date. The specific goal should also be attainable and realistic. These are the ‘A’ and ‘R’ in ‘S.M.A.R.T.’. When you identify a goal, write it out and make a plan, you are making an attainable goal. If you ever find yourself going off track in regards to your goal it is important to not get discouraged. Goals must be adjustable. No one can ever account for what life will throw at them. If Alice has an unexpected illness and is unable to work for six months, her goals can be adjusted. A realistic goal for Alice is one in which she is willing and able to achieve. It can be challenging but must be realistic as well. Often a challenging goal is one that is most rewarding once achieved. Lastly, the goal should be timely. Alice needs to set a time as to when she wishes to obtain this goal. According to Michael Ditton, author of “Dreams, Goals, and Adventures”, knowing you have to accomplish a task at a certain time makes you accountable. Alice should be aware of what those time lines are and what needs to be done by when. Alice should ask herself, “How much needs to be saved by when?” This will enable her to take the final steps necessary to meet those timelines. Once Alice can address all of the factors in S.M.A.R.T., she is easily able to answer the question, “Where do I go from
She now asks herself, “Where do I go from here”. Alice has established very broad goals for her life. Her goals include paying off her student loans, buying a house and saving for her children’s education, to accumulate assets, retire, and travel and the world in a sailboat. Achieving a goal is complicated and risky but Alice can increase her odds of being successful if she implements the S.M.A.R.T. model. This planning model represents a goal which is Specific, Measurable, Attainable, Realistic, and Timely. Alice has determined what her goals are but she needs to be more specific. ‘Specific’ represents the ‘S’ in S.M.A.R.T. Being specific should answer the Six W’s: Who, What, When, Where, Which, and Why (assuming they are applicable). Alice’s goal is to eventually buy a house. When she gets to this point she will have to determine who all will be involved in the goal? Does she have children or a spouse? Will she be caring for her parents? What specifically does she want? Does she want a home in the city or a home in the country where she can have a small farm? When should also be addressed. Does she want to purchase a house immediately after paying off her student loan? Alice will have a higher chance of accomplishing her given goal if she is specific. I want to buy a house in the city with my husband six months after I pay off my student loan. After the specific goal has been …show more content…
If Alice measures her progress she will be more likely to stay on track to reach the goal at the targeted date. The specific goal should also be attainable and realistic. These are the ‘A’ and ‘R’ in ‘S.M.A.R.T.’. When you identify a goal, write it out and make a plan, you are making an attainable goal. If you ever find yourself going off track in regards to your goal it is important to not get discouraged. Goals must be adjustable. No one can ever account for what life will throw at them. If Alice has an unexpected illness and is unable to work for six months, her goals can be adjusted. A realistic goal for Alice is one in which she is willing and able to achieve. It can be challenging but must be realistic as well. Often a challenging goal is one that is most rewarding once achieved. Lastly, the goal should be timely. Alice needs to set a time as to when she wishes to obtain this goal. According to Michael Ditton, author of “Dreams, Goals, and Adventures”, knowing you have to accomplish a task at a certain time makes you accountable. Alice should be aware of what those time lines are and what needs to be done by when. Alice should ask herself, “How much needs to be saved by when?” This will enable her to take the final steps necessary to meet those timelines. Once Alice can address all of the factors in S.M.A.R.T., she is easily able to answer the question, “Where do I go from