1) Life Plan Activity |
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Objective: Build your short-term and long-term life plan by adding goals to a visual calendar.
About Your Life Plan
As you think about your future, you may have items you want to own and accomplishments that you want to achieve. These life goals often require time and money.
By planning your future, you can make better decisions to help you achieve your goals. The Life Plan is a tool to help you plan and visualize your future.
When choosing your life goals, consider the difference between needs and wants.
Needs are things that are essential, regardless of your financial condition, such as food, shelter, and clothing. These items are necessary for maintaining life, and unless these needs are met, there is little necessity for other things.
Wants are things that you might wish to have, but not having them will not threaten your existence, such as a new television, video games, and taking a vacation. Wants are items you can live without, but would very much like to have.
One of the most important parts of financial planning and goal setting is learning how to spend money wisely. To do so, your primary goal should be to spend money based on your needs first, and then take care of your wants.
Understanding the difference between what is needed and wanted helps you prioritize spending and keeps you on the path to achieving your long-term financial goals.
How to Play
As you think about your future, you may have items you want to own and accomplishments that you want to achieve. These life goals often require time and money.
By planning your future, you can make better decisions to help you achieve your goals. The Life Plan is a tool to help you plan and visualize your future.
When choosing your life goals, consider the difference between needs and wants.
Needs are things that are essential, regardless of your financial condition, such as food, shelter, and clothing. These items are necessary for maintaining life, and unless these needs are met, there is little necessity for other things.
Wants are things that you might wish to have, but not having them will not threaten your existence, such as a new television, video games, and taking a vacation. Wants are items you can live without, but would very much like to have.
One of the most important parts of financial planning and goal setting is learning how to spend money wisely. To do so, your primary goal should be to spend money based on your needs first, and then take care of your wants.
Understanding the difference between what is needed and wanted helps you prioritize spending and keeps you on the path to achieving your long-term financial goals.
How to Play
- There is a 20-year timeline along the top of the screen. The first year is in months, starting with the current month. The timeline is used to identify when you want to achieve your goals.
- There are a number of life goals at the bottom of the screen. Life goals are items you want to own or achievements you want to accomplish.
- Choose a life goal and then click and drag it up under the timeline. Release the mouse button to stick the goal to the timeline near the month or year by which you want to accomplish the goal. A window will appear where you can enter details about the life goal. Entering details is optional. Click OK to save changes or CANCEL to discard them.
- You can click a life goal to edit the details. You can click and drag a life goal to move it elsewhere on the timeline. Or, you can move it off of the timeline to remove it.
- Repeat the steps above to complete your Life Plan by adding more life goals.
- Use the PRINT button to print to paper or save as an electronic file (pdf). You will also see the total amount of money you will need to achieve your life goals (based on the details you entered for each life goal). Write your name down on the printout if you will be submitting to an instructor.
- Use the RESET button to erase your data or start over.
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PRACTICE
Click the PLAY ACTIVITY button below to do the activity for MO and then for yourself. Mo Money Map the Life Plan for Mo Money. Review the MO MONEY PROFILE. YOUR TURN! Prepare a Life Plan based on your own life goals. |