An analysis of Alice’s goals using the S.M.A.R.T planning model
I am going to analyse Alice’s goals which are; to pay off student loan, buy a house and save for children, accumulate assets, retire and travel around the world in a sailboat using the S.M.A.R.T planning model. S.M.A.R.T is an acronym that stands for Specific, Measurable, Attainable, Realistic, and Timely. The S.M.A.R.T planning process will help to evaluate which goals are short-term, intermediate and are for a longer term. (Siegel & Yacht, 2009) The process will evaluate whether Alice’s plans are achievable or not. Also, the analyses will reveal how best Alice will manage her finances so as to reach her goals.
A closer analyses at Alice’s goals shows that they are Specific. According to Carpenter, M, Taylor, Erdogan, (2009), specific goals should show who is involved and in this scenario Alice is responsible for the outcome. Alice is very precise on what she wants to do her entire life therefore, her goals answers the question ‘what does she want to accomplish’.
Another question that was properly addressed is ‘when - that is the time frame when she is going to finish her goals’. Her goals are spread out through her entire life which means that …show more content…
At the mean time she needs to figure out how best she can increase her income so that she can pay off her student loan and start to save money to buy her house and to accumulate assets. As stated in the information provided, her only viable option is to look for another job though she will not be paid much but, that is the only option for her to attain her goals. Also, for her to sail around the world she has to start to plan for her trip now because she will need a lot of money and it will not be reasonable for her to use her retirement saving for such a trip. She needs to put contingency plan in place because it is very difficult to plan years ahead of
I am going to analyse Alice’s goals which are; to pay off student loan, buy a house and save for children, accumulate assets, retire and travel around the world in a sailboat using the S.M.A.R.T planning model. S.M.A.R.T is an acronym that stands for Specific, Measurable, Attainable, Realistic, and Timely. The S.M.A.R.T planning process will help to evaluate which goals are short-term, intermediate and are for a longer term. (Siegel & Yacht, 2009) The process will evaluate whether Alice’s plans are achievable or not. Also, the analyses will reveal how best Alice will manage her finances so as to reach her goals.
A closer analyses at Alice’s goals shows that they are Specific. According to Carpenter, M, Taylor, Erdogan, (2009), specific goals should show who is involved and in this scenario Alice is responsible for the outcome. Alice is very precise on what she wants to do her entire life therefore, her goals answers the question ‘what does she want to accomplish’.
Another question that was properly addressed is ‘when - that is the time frame when she is going to finish her goals’. Her goals are spread out through her entire life which means that …show more content…
At the mean time she needs to figure out how best she can increase her income so that she can pay off her student loan and start to save money to buy her house and to accumulate assets. As stated in the information provided, her only viable option is to look for another job though she will not be paid much but, that is the only option for her to attain her goals. Also, for her to sail around the world she has to start to plan for her trip now because she will need a lot of money and it will not be reasonable for her to use her retirement saving for such a trip. She needs to put contingency plan in place because it is very difficult to plan years ahead of