BUS 2204: Personal Finance
The acronym S.M.A.R.T stands for Specific, Measurable, Attainable, Realistic, and Timely, for anyone to attain any sort of goals this acronym must be used to assess and plan those goals. Setting and attaining one's goals can be a tricky, risky planning process. Life sometimes hits you with an unforeseen circumstance that can leave your careful financial plan in disarray.
Assessing her current situation is the first thing Alice has to do in getting started when making her financial plan. In assessing Alice's situation, I would say Alice has already met a part of the threshold of the S in S.M.A.R.T. She has carefully listed all her goals which S says one has to be specific. However, Alice would need to identify these six W's who, what, where, when, which, and why, for her goals to be specific as possible.
Measurable means the steps Alice will take to get to her goals. This could include selling items on an online platform such as Amazon and Esty. She could set dates to help with measuring her goals, such as by Christmas 2022, I should have saved at least $10,000. As Christmas arrives, she will need to re-evaluate her steps. She would also need to evaluate her career choice to ensure that her career is sound as most of our financial planning finances almost always come from our salaries. Measuring your goals helps you to stay on track to achieving them.
Attainable means Alice will have to weigh her efforts, time, and cost against the profits she envisions on making from her plan. All of Alice's goals seem quite attainable, however, traveling around the world in a sailboat would require Alice to work extra hard in making sure that her retirement plan is sound....