University of the People
Personal finance - BUS 2204
Written assignment Unit 1
Introduction into SMART goal setting or planning model
S.M.A.R.T. planning model consist of evaluating a goal by five different criteria and from five different perspective to determine its overall quality - is it easily understood, can it be followed in the process of fulfillment and when do we know we have achieved it. To make this evaluation simple there is a mnemonic acronym SMART which refers to most important principles a goals should comply with:
- S for specific. According to this criteria any goal should be closely defined in order to avoid generalization. If the goal is not specific the person may not be so motivated and eager to accomplish. For example a goal like …show more content…
Conclusion: maybe one of the most important part of a lifelong financial plan is the moment of retirement. If the financial plan worked going to retirement is an emotional and memorable moment. e. Travel around the world in a sailboat
S- this goal is specific.
M- this goal is measurable because its accomplishment is a long process while every step toward this plan can be measured: getting the international boating license, buying the boat, paying the marine taxes, buying special equipment, information gathering, setting the sail route etc.
A- this goal is attainable.
R- this goal is realistic
T- this goal will take place after the retirement so it is timed.
Conclusion: Sailing around the world in a sailboat is a very challenging goal that if planned carefully can be achievable and realistic. However the main benefit is in the motivation. This noble plan may be motivating enough to overcome all other obstacles during lifelong financial plan realization.
Reference:
- Siegel, Rachel and Yacht, Carol (2009), Personal Finance, Retrieved from: http://
Personal finance - BUS 2204
Written assignment Unit 1
Introduction into SMART goal setting or planning model
S.M.A.R.T. planning model consist of evaluating a goal by five different criteria and from five different perspective to determine its overall quality - is it easily understood, can it be followed in the process of fulfillment and when do we know we have achieved it. To make this evaluation simple there is a mnemonic acronym SMART which refers to most important principles a goals should comply with:
- S for specific. According to this criteria any goal should be closely defined in order to avoid generalization. If the goal is not specific the person may not be so motivated and eager to accomplish. For example a goal like …show more content…
Conclusion: maybe one of the most important part of a lifelong financial plan is the moment of retirement. If the financial plan worked going to retirement is an emotional and memorable moment. e. Travel around the world in a sailboat
S- this goal is specific.
M- this goal is measurable because its accomplishment is a long process while every step toward this plan can be measured: getting the international boating license, buying the boat, paying the marine taxes, buying special equipment, information gathering, setting the sail route etc.
A- this goal is attainable.
R- this goal is realistic
T- this goal will take place after the retirement so it is timed.
Conclusion: Sailing around the world in a sailboat is a very challenging goal that if planned carefully can be achievable and realistic. However the main benefit is in the motivation. This noble plan may be motivating enough to overcome all other obstacles during lifelong financial plan realization.
Reference:
- Siegel, Rachel and Yacht, Carol (2009), Personal Finance, Retrieved from: http://