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admin | reflection of the past meaning | 16.02.2015
One of the keys to successful investing is identifying your investment goals, and the time frame over which you will invest. Rather than having a particular investment goal, some people may just be wanting to invest a certain sum of money eg. A short term investor would be more likely to choose a more conservative investment like cash, to ensure that their capital is available in the next 1-3 years when they need to access it. A long term investor would be more willing to invest in 'growth assets' such as shares, as they do not need to access their capital for at least 5 years, so are less concerned about short term ups and downs.
A financial adviser can assist you to understand the types of investment most suitable for your goals. The Bridge School Self-Determination Program provides students with the necessary tools and supports to become causal agents in their own lives through informed decision-making, thoughtful planning, and persistent action to achieve their goals. Becoming a self-determined individual involves learning about oneself, including one's strengths and interests. We have adapted and implemented specific self-determination curricula for our middle school students (from Steps to Self-Determination a Curriculum to Help Adolescents Learn to Achieve Their Goals by Sharon Field and Alan Hoffman, 2005) in which they participate in a process to learn about their strengths, weaknesses, needs and preferences, as well as the options and supports that are available to them. Through the process of self-discovery (from Steps to Self-Determination a Curriculum to Help Adolescents Learn to Achieve Their Goals by Sharon Field and Alan Hoffman, 2005), students learn to accept and value themselves, to use their weaknesses to find strengths, to recognize and respect rights and responsibilities, to take care of themselves and to value and nurture positive relationships.
Our self-determination program supports students as they learn to: set goals for themselves, plan small steps to meet those goals, anticipate results and to be good problem-solvers when those results are not immediately realized. Once short and long-term goals are identified, potential barriers are anticipated and plans are made, our students need to engage in many rich experiences to make things happen and experience positive outcomes. Learning terms and concepts: Students explore characteristics of short-term and long-term goals and learn to differentiate between them through a variety of on-line and discussion activities. Students gain exposure to short-term and long-term goals set by other students their age and get practice differentiating between them. Students review the characteristics of a goal as something someone wants to work toward achieving in a specified length of time. Students then explore a wide variety of goals posted by adolescent students on the pbskids.org, "It's My Life" website. Students access the internet with their speech-generating devices using computer interface hardware and text-to-speech software that reads aloud web pages.
During the discussion portion of the activity, students can generate their responses using their speech-generating devices, or they can use partner-assisted strategies with communication boards. Explain how to draw up a personal net-worth statement, a personal cash-flow statement, and a personal budget. Evaluate your current financial status by creating a net worth statement and a cash flow analysis. Use a budget to plan your future cash inflows and outflows and to assess your financial performance by comparing budgeted figures with actual amounts. Your personal liabilities are what you owe—your obligations to various creditors, big and small.
If you own more than you owe, your net worth will be positive; if you owe more than you own, it will be negative.
First are his monetary or liquid assets—his cash, the money in his checking accounts, and the value of any savings, CDs, and money market accounts.
Everything else is a tangible asset—something that Joe can use, as opposed to an investment. Note that we’ve been careful to calculate Joe’s assets in terms of their fair market valueThe price you could get by selling assets at their present price.—the price he could get by selling them at present, not the price he paid for them or the price that he could get at some future time.
Anything that Joe owes on such items as his furniture and computer are current liabilities—debts that must be paid within one year.
By contrast, his car payments and student-loan payments are noncurrent liabilities—debt payments that extend for a period of more than one year. Now that you know something about your financial status on a given date, you need to know more about it over a period of time.
Joe has been able to maintain a positive cash flow for the year ending August 31, 2012, but he’s cutting it close.
Remember that when constructing a cash-flow statement, you must record only income and expenditures that pertain to a given period, whether it be a month, a semester, or (as in Joe’s case) a year. Your cash-flow statement, then, provides another perspective on your solvency: if you’re insolvent, it’s because you’re spending more than you’re earning. We know from Joe’s cash-flow statement that, despite his limited income, he feels that he can save $1,200 a year. Once he has reviewed his cash-flow statement, Joe has a much better idea of what cash flowed in for the year that ended August 31, 2012, and a much better idea of where it went when it flowed out. Because he doesn’t want to jeopardize his grades by increasing his work hours, he’ll have to reconcile himself to just about the same wages for another year. Revising his figures accordingly, Joe developed the budget in Figure 14.9 "Joe’s Budget" for the year ending August 31, 2013.
Before we leave the subject of the financial-planning process, let’s revisit the topic of Joe’s goals. Let’s fast-forward a decade or so, when Joe’s picture of stages 2 and 3 of his financial life cycle have come into clearer focus. A standard of living that reflects a certain level of comfort—a level associated with the possession of certain assets, both tangible and intangible.
Having set this secondary level of goals, Joe’s now ready to make specific plans for reaching them. As it turns out, Joe already knows what these goals are, because he’s been setting the appropriate goals every year since he drew up the cash-flow statement in Figure 14.7 "Cash-Flow Statement". We can call the first category present goals because each item is intended to meet Joe’s present needs and those (we’ll now assume) of his family—housing, health care coverage, and so forth.


The items in the second category of Joe’s consumption goals are aimed at meeting his other two secondary goals: sending his children to college and retiring with a comfortable lifestyle. Joe’s desire to meet this second category of consumption goals—future goals such as education for his kids and a comfortable retirement for himself and his wife—accounts for the appearance on his list of the one item that, at first glance, may seem misclassified among all the others: namely, savings. It’s tempting to glance at Joe’s budget and cash-flow statement and assume that he shares with most of us a common attitude toward saving money: when you’re done allotting money for various spending needs, you can decide what to do with what’s left over—save it or spend it.
He calculated his income—total cash inflows from his student loan and his part-time job ($25,700). He subtracted from his total income two targeted consumption goals—credit card payments ($1,200) and savings ($400).
He allocated what was left ($24,100) to his remaining consumption goals: housing ($6,600), food ($3,500), education ($6,500), and so forth. If you’re concerned that Joe’s sense of delayed gratification is considerably more mature than your own, think of it this way: Joe has chosen to pay himself first.
Monetary or liquid assets include cash, money in checking accounts, and the value of any savings, CDs, and money market accounts. Everything else is a tangible asset—something that can be used, as opposed to an investment. Noncurrent liabilities consist of debt payments that extend for a period of more than one year. In step 2 of the financial planning process, you create a cash-flow or income statement, which shows where your money has come from and where it’s slated to go. A good way to approach your financial goals is by dividing them into three time frames: short-term (less than two years), intermediate-term (two to five years), and long-term (more than five years).
Net worth and cash-flow statements are most valuable when used together: while your net worth statement lets you know what you’re worth, your cash-flow statement lets you know precisely what effect your spending and saving habits are having on your net worth. If you’re not satisfied with the effect of your spending and saving habits on your net worth, you may want to make changes in future inflows (income) and outflows (expenditures). The “Budget” column tracks the amounts of money that you plan to receive or to pay out over the budget period.
The final column records the variance for each item—the difference between the amount in the “Budget” column and the corresponding amount in the “Actual” column.
An income variance occurs when actual income is higher than budgeted income (or vice versa). An expense variance occurs when the actual amount of an expenditure is higher than the budgeted amount (or vice versa). If this is the case for you, you need to decide what time frame is attached to that goal - short term, medium term or long term? They recognise that the potential returns are much higher in growth investments, and if they are held over the long term the risk is reduced. It involves using this knowledge to make decisions and then communicating effectively to establish oneself as the primary agent in moving forward toward goal setting, attainment of those goals and greater independence.
They collaborate to set up routines as a group to promote a community of equality and respect. Based on these outcomes, students can then determine whether they want to make minor adjustments in their plans, whether they're ready to move forward to the next step in their plans, or whether they need to re-evaluate their plans and re-prioritize their goals.
You should ask yourself this question every now and then, and it should certainly be your starting point when you decide to initiate a more or less formal financial plan. Much of this indebtedness no doubt ends up on Joe’s credit card balance, which is regarded as a current liability because he should pay it off within a year. Joe is in no position to buy a house, but for most people, their mortgage is their most significant noncurrent liability.
At this point in the life of the average college student, positive net worth may be a little unusual. This is the function of a cash-flow or income statementShows where your money has come from and where it’s slated to go., which shows where your money has come from and where it’s slated to go. As you can see, Joe’s income (his cash inflows—money coming in) is derived from two sources: student loans and income from a part-time job. Moreover, he’s in the black only because of the inflow from student loans—income that, as you’ll recall from his net worth statement, is also a noncurrent liability. Remember, too, that you must figure both inflows and outflows on a cash basis: you record income only when you receive money, and you record expenditures only when you pay out money.
Ultimately, your net worth and cash-flow statements are most valuable when you use them together. He knows, of course, that it makes sense to have some cash in reserve in case of emergencies (car repairs, medical needs, and so forth), but he also knows that by putting away some of his money (probably each week), he’s developing a habit that he’ll need if he hopes to reach his long-term financial goals. Joe sees no reason, for example, why he can’t pay off his car loan, credit card, and charge account balances within two years.
Now he can ask himself whether he’s satisfied with his annual inflow (income) and outflow (expenditures). Toward this end, he’s targeted the following expenditures for reduction: rent (get a cheaper apartment), phone costs (switch plans), auto insurance (take advantage of a “good-student” discount), and gasoline (pool rides or do a little more walking). Look first at the column headed “Budget.” If things go as planned, Joe expects a cash surplus of $1,600 by the end of the year—enough to pay off his credit card debt and leave him with an extra $400.
Throughout the year, Joe will keep track of his actual income and actual expenditures and will enter the totals in the column labeled “Actual.” Like most reasonable people, however, Joe doesn’t really expect his actual figures to match with his budgeted figures.
When the actual amount of an expenditure is more than he had budgeted for, he records it as an “unfavorable” variance. Another look at Figure 14.8 "Joe’s Goals" reminds us that, at the current stage of his financial life cycle, Joe has set fairly simple goals. If he hasn’t done so already, Joe is now ready to identify a primary goal to guide him in identifying and meeting all his other goals.See Bernard J.


As we’ve already seen, Joe understands that plans are far more likely to work out when they’re focused on specific goals.
They must be paid for as Joe and his family take possession of them—that is, when they use or consume them. He won’t take possession of these purchases until sometime in the future, but (as is so often the case) there’s a catch: they must be paid for out of current income.
It’s one of the key principles of personal-finances planning and an important strategy in doing something that we recommended earlier in this chapter—starting early.See Arthur J. Your net worth statement will show whether your net worth is on the plus or minus side on a given date.
Goals should be realistic and measurable, and you should designate definite time frames and specific courses of action. You make these changes in step 3 of the financial planning process, when you draw up your personal budget—a document that itemizes the sources of your income and expenditures for a future period (often a year). Students with complex communication needs (CCN) associated with severe speech and physical impairments (SSPI) express their individuality using multi-modal communication strategies and devices and assert their independence with the necessary assistive technology devices and supports in place.
They create a community of learners where everyone is committed to becoming more self-determined, including the mentors, teachers and other professionals who are members of the group.
If you happen to have negative net worth right now, you’re technically insolvent, but remember that a major goal of getting a college degree is to enter the workforce with the best possible opportunity for generating enough wealth to reverse that situation.
We are, however, willing to give Joe the benefit of the doubt: Though he’s incurring the high costs of an education, he’s willing to commit himself to the debt (and, we’ll assume, to careful spending) because he regards education as an investment that will pay off in the future. When, for example, Joe used his credit card to purchase his computer, he didn’t actually pay out any money. While your net worth statement lets you know what you’re worth—how much wealth you have—your cash-flow statement lets you know precisely what effect your spending and saving habits are having on your wealth. Though Joe is still in an early stage of his financial life cycle, he has identified and structured his goals fairly effectively. Remember that, with no income other than student-loan money and wages from a part-time job, Joe has decided (rightly or wrongly) to use his credit cards to pay for much of his personal consumption (furniture, electronics equipment, and so forth).
If he’s anything like most people, he’ll want to make some changes—perhaps to increase his income, to cut back on his expenditures, or, if possible, both.
So whenever there’s a difference between an amount in his “Budget” column and the corresponding amount in his “Actual” column, Joe records the difference, whether plus or minus, as a varianceDifference between the actual amount and the budgeted amount.. We know, for example, that Joe wants to buy a home, but when does he want to take this major financial step? His next step, therefore, is to determine the goals on which he should focus this next level of plans. When we introduced these items, we pointed out that each one represents a cash outflow—something for which Joe expected to pay. All these things are also necessary to meet the first of Joe’s secondary goals—a certain standard of living. When he made up the budget in Figure 14.9 "Joe’s Budget", Joe started out with the decision to save $1,600—or at least to avoid spending it. Make up “actual” figures and calculate a variance by comparing budgeted figures with actual amounts. It won’t be an easy task to pay down these balances, so we’ll give him some credit (so to speak) for regarding them as important enough to include paying them among his short-term goals. The first step in making these changes is drawing up a personal budgetA document that itemizes the sources of income and expenditures for a future period (often a year).—a document that itemizes the sources of his income and expenditures for the coming year, along with the relevant money amounts for each. They are, in other words, things that Joe intends to buy or, in the language of economics, consume. Your cash outflows—money going out—are itemized as expenditures in such categories as housing, food, transportation, education, and savings. Or do you want it to achieve capital growth over a long period of time, and are willing to take a long term view? Does he expect, like most people, a retirement lifestyle that’s more or less comparable to that of his peak earning years?
This might not be the best thing to do from a financial point of view, but he knows this could be his only opportunity to travel extensively. Will he be able to afford both the cost of a comfortable retirement and, say, the cost of sending his children to college? Suppose that because Joe’s investment in a college education has paid off the way he’d planned ten years ago, he’s in a position to target a primary goal of financial independence—by which he means a certain financially secure life not only for himself but for his children, as well. To meet this goal, he planned to use $1,200 of his current income to pay off what would continue to hang over his head as a future expense (his credit card debt).
He is realistic in his classification of student loan repayment and the purchase of a home as long-term.
As Joe and his financial circumstances mature, he’ll have to express these goals (and a few others) in more specific terms.
But he might want to revisit his decision to classify saving for his retirement as a long-term goal.
Because he had still longer-term goals, and he intended to get started on them early—as soon as he finished college.




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