The SMART planning model is a universal outline of actionable steps used to set up goals that create a forward direction that can be applied to any and all plans or goals that are important to ones present and future ambitions. The SMART acronym, when considering goals, begins with being specific in ones overall objectives or what you wish to accomplish as a goal. In the case of Alice, her specific goal is to immediately start working, so that she can start paying off her student loan, along with paying for her living expenses incurred, because she has to support herself with the income she now earns though her employment. Another specific goal while earning an income is to budget to purchase a home. Along with paying for her …show more content…
Setting a budget to save for the purchase of her home, and sticking to that plan, no matter what comes her way will position her to have saved enough money for a down payment. Again, this is measurable and attainable over time if she follows her plan. This is also realistic and can be achieved over time or is timely. Using the SMART analysis for each of her goals, we can easily see how staying disciplined and consistent will help her achieve her goals. Pay off student loan- So with her earned income of $35,720 a year, her student loan payments are $7700 a year leaving $28020 remaining. Since this is an obligation with her continual payments, she will be able to pay this off over time that will coincide with SMART, specific (paying off), measurable (payoff over time), attainable, realistic, timely ( all possible over time, within budget to achieve). Buy a house- Since she has only $28020 remaining of her budget, her rent of $10,800 and living expenses of $14400, leaves her with a remaining amount of $2820 she has to save for the purchase of a home. Using the same principles of SMART, this is attainable over time in terms of specifics (saving for a home),
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came into her family heritage that she should get anything that she wants from her mom. In
obtain. Her new job will not allow her to afford the material things she wants. Edwin Arlington
People of all ages should begin planning for retirement and managing their money well so they are ensured enough income when they do retire. Retirees estimate that people will need 71% of their pre-retirement income to maintain their current lifestyles. Stocks and 401(k) plans are recommended.FactsNonretired Americans with household incomes that average more than $50,000 assumes they won't be able to retire until age 59.More than a third of affluent retirees with children and grandchildren are helping to support them financially, as are 29% of all retirees. Also, nearly a quarter of all retirees whose parents are alive are helping them financially.Fully 48% of the affluent who aren't retired as well as of all people surveyed who aren't retired believe they have to work part time in retirement.
son. She is a very quiet person who hasn't got alot of money. I know
While creating my hypothetical family I did not want to have the average American family that consist of a mother, father and multiple children. Instead, I decided to have a single mother, 33 years of age and her daughter 15 years of age. The main income source for the family comes from the mother who makes an average of one thousand four hundred and fifty dollars a month. The last source of income is from child support of the daughter which is one hundred and fifty three dollars. The two bedroom apartment the family lives in is five hundred and forty dollars, the utilities bill is one hundred and nineteen dollar and the monthly car payment and insurance is three hundred and seventy dollars. The grand total of expenses is one thousand one hundred and twenty nine dollars which only leaves four hundred and seventy four dollars for emergencies or situations that may arise.
whatever he does not want her to do. Throughout her twenty years of life with
work and is about to get married. The only work she has done is when
two jobs to support her family and is therefore not there to spend much time