Analyzing A Financial Goal Using The S.m

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For most, when thinking about finances and future goals this may seem to be a daunting task. Most individuals have some type of debt- whether it is student loan or credit cards, and most people have a family or another individual who is depending on them financially. These dilemmas can lead to stressful situations, especially when having to take in consideration future circumstances, such as retirement or even a health crisis. As nerve-racking as these predicaments can seem, luckily there is a tool that will help all of us create financial goals that will help with current and future money situations. This is known as S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, and Timely) (Siegel & Yacht 2009). The purpose of this paper…show more content…
Alice’s specific goals seem to be on target and very attainable, but she will need to supplement her income as her current salary will not afford for the quick payoff of debt. When looking at Alice’s measurable goals, what will need to be examined is: how many goals does she have, will these be attainable goals, as well as making sure she acknowledges milestones along the way so she does not feel defeated. Alice will be able to accomplish her goals, because they are very attainable- but she will have to adhere to her plan very closely because her current financial situation does not allow for much wiggle room. This means that for her to have extra spending money in addition to setting money aside for future plans she will either have to obtain a higher paying job, or supplement with a second job. Alice has already acknowledged the need for supplemental income by either getting a second job, or gambling in Las Vegas (Siegel & Yacht 2009). Analyzing Alice’s attainable goals will be very easy for her because she has made sure to compile a list of what is important to her. There are five important things that she has listed, and she has made sure nothing is unattainable by ensuring she has made back up plans for acquiring extra money to make these things happen. One risk I have noticed in her plan that could possibly hurt her chances of
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