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Financial Planning Courses: Lifestyle Planning/Setting Financial Goals

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1.
Financial _______ occur when you choose to spend money on a want versus a need.
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Tradeoffs. Tradeoffs occur because you forego the opportunity to take care of other financial needs you have when you spend money on wants.
2.
An apprenticeship is typically done for _______.
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A skilled trade. Apprenticeships are associated with skilled trades, though in some cases they can be done in college.
3.
Two characteristics of a SMART goal are that they are _______.
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Measurable and time-bound. 'Specific' is a characteristic too.
4.
You should consider revising your goals if _______.
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Your income increases or your income decreases. If your income changes at all, you may need to cut the amount you are saving or have the opportunity to save more.
5.
Your financial goals should be specific. Which of the following is the most specific goal?
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I will save $1,000 for a Chevy Malibu. Of all the choices, this one is the most specific.