Case Study Of Alice's Case

902 Words 4 Pages
Using S.M.A.R.T. goals is a way for a person or organization to define a structure and a way to track objectives and goals alike. As everybody has at least few goals in life, such as family, work, social life, wealth, etc., being able to prioritize and the desire to accomplish it becomes an important factor (YourCoach, 2017). According to the S.M.A.R.T. model goals are Specific, Measurable, Attainable, Realistic, and Timely (Siegal, Yacht, 2009).
In Alice’s case using the S.M.A.R.T. model we can observe the following:
a) Pay off student loan. From the textbook, we can observe that Alice has a student loan with an outstanding balance of $53,000 and also a car loan with a balance of $2,700 (Siegel & Yacht, 2009). In order for Alice to offset
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As discussed in the previous goal the house counts as an asset, however, to reach a financial independence more assets are required. These can take a form of investments, buying land, purchasing a second apartment or house, buying stocks, etc., assuming that by now Alice can have a significant amount of savings ($ 7720 yearly due of payment of the student loan) plus wages from her second or possibly third job (Siegel & Yacht, 2009). This intermediate level of achieving goal can be categorized as …show more content…
After deciding that she will not have to work anymore, Alice can reassess her situation to see where she stands in relation to her current financial situation. At this Realistic point, Alice does not have to worry about her children expenses since they are already grownups and they can support themselves having jobs and be able to sustain themselves in paying their own loans and living expenses. Now she can quit her job(s) and rely on her savings as well from her returns from the investments she made earlier on her life.
e) Travel the world in a sailboat. After retiring, the next stage is the sweet spot of leisure time and enjoying the life traveling the world in a sailboat. At this Timely stage in her life, Alice can rely on her savings as well from her investments returns to enjoy trips and explore the world as she always planned let’s say by the time she is reaching 65 years old. Not having any debts, children education to pay for, car loans, mortgages, Alice can take advantage of her present situation in achieving her long-time goal of seeing the world from a sailboat.

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