University of the People Unit 1 Written Assignment Personal Finance Topic: Evaluating One's Financial Options Using the SMART Technique

University of the People Unit 1 Written Assignment Personal Finance Topic: Evaluating One's Financial Options Using the SMART Technique The term motivation describes a person's motivation to do something. It is the driving force behind human actions. It is the process that establishes, directs, and maintains goal-oriented behaviors. Everyone needs to set personal goals to maintain their motivation. Goal setting is crucial in life and is a great way to reinforce any achievement. Many people set unrealistic or unrealistic goals and end up failing to achieve them. When planning anything financial in life, there must be a goal associated with the plan. There must then be monitoring and evaluation. (Financial Planning Association of Australia, 2015) The value of financial planning goes beyond money. It organizes life and gives people a sense of security, thus peace of mind, about their current and future financial situation. S.M.A.R.T. goals are designed to help set realistic goals, achieve them, and ultimately achieve success. The acronym S.M.A.R.T. stands for: Specific, Measurable, Accurate, Realistic, and Time-bound. When setting SMART goals, you need to develop the skills and behaviors necessary to achieve them. Therefore, the language must be clear and concise. Goals are the foundation upon which dreams are built and a means of learning discipline in the planning process. Specific goals have a much greater chance of being achieved than mediocre goals.