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Financial Literacy Awareness Program Module : Basic Module Subject : Setting up Financial Goals Author : Dr. Makarand Kulkarni Mobile : 9881864520 E-mail : makarand.kulkarni@nectaropc.com.

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This module consist following ten sessions:. Introduction.

What is Goal ?.

Do you remember ?. When you were small child at time when your parents use to ask you.

Engine Driver. Bus Driver. School Teacher. Police.

Even if you ask the same question to any small child today the answer would not be far different..

Pilot. Astronaut. Singer. Actor. And likewise..

The reason behind it is whatever things children see around them and like them in recent times, get reflected in their answers..

We at Nectar Global Edutech believes that at this stage necessary inputs needs to be provided to them for developing their thinking ability on more realistic basis..

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Children usually select their career branch after 10th standard..

On other hand, you will agree that basic operational level knowledge of these subjects has become necessity of today’s lifestyle..

We believe that this ‘Financial Literacy Awareness Program’ which takes care of basic knowledge of all these subjects will help all the children in understanding the basics of finance which is required by every individual in their day to day life..

. In the beginning of this session, we learned that ‘Goal’ in simple language is nothing but a target which one wants to achieve..

How do you set your ‘Goal’ ?. Every individual knowingly or unknowingly always plan for something. This is like dreaming..

You might prefer to keep it simple when you think of ‘Goal’..

Basically, when you think of ‘Goal’, you should never keep it simple or unspecified..

What is ‘SMART’ Goal ?. .

S A smart goal is Specific. The goal should be predetermined with pinpoint accuracy. M A smart goal is Measurable. The goal should be always measurable. A A smart goal is Attainable. The goal should be always attainable. R A smart goal is Realistic. The goal should always be set in realistic way. T A smart goal is Time Bound. The goal should always have specific time limit for accomplishment..

Is your goal ‘Specific’ ?. . Want to buy a cell phone,.

To make your goal specific, use formula of following ‘5W’ questions..

Is your goal ‘Measurable’ ?. . Now you will realize that want to buy a cell phone, a new car or a new residence cannot be considered as a ‘SMART Goal’ because they are not measurable..

When you set a goal and start working towards achieving it, it will always make you feel good to see how much you have accomplished..

Is your goal ‘Attainable’?. . Now you will understand easily that want to buy a cell phone, a new car or a new residence cannot be considered as a ‘SMART Goal’ because they are missing ‘Attainable’ characteristic..

The attainability of these simple goals depends heavily on your financial status..

Is your goal ‘Realistic’?. . You need to understand that the goal has to be always realistic. It needs to be set up by application of mind and not by the desire of heart..

You should clearly list your priorities, know your capabilities, and stretch you a little bit to get that extra edge..

Is your goal Time-bound ?. . Setting up of a goal with specific, measurable, attainable and realistic characteristics is great, but still it is incomplete without a time-line..

Instead of setting up goal as:. ‘I want to buy car’,.

The process of setting your goals is an exercise that will give you incredible insight. You will be able to fulfill aspirations by using SMART goal tool. Setting SMART goal will help you distinguish between real wants and needs from daydreams..

Take a break.. Recollect what you have learned..

THANK YOU.