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Life with sally as a high school student questions

by | Nov 30, 2023 | questions

I need help on the questions I don’t understand them.

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Part 1: Life with Sally as a High School Student
Directions: Read the following scenario and answer the questions that follow to help Sally develop a personal financial plan.

Sally Smith is a 16 year-old high school junior. She values her family and dreams of having a family of her own. She is very focused on having a successful career in the future. Sally has a part-time job as a lifeguard at the local pool. She makes $250 per month at this job, and her only expense is paying for personal entertainment, such as going to movies friends. She has not made any plans for after she graduates high school, but she has been saving money from her job to use for her undecided plans after graduation. Sally’s mom has helped her manage her money, and she has been able to save $1000 to use for plans after high school. Sally enjoys staying busy, so she is a member of her school’s swimming team, orchestra, and choir. Sally enjoys making music and has considered being a music teacher. However, Sally also enjoys taking woodworking classes and has considered a career in woodworking or carpentry.

1. What values does Sally have that will affect her personal financial plan?

2. What stage of the financial life cycle is Sally currently in? How will this affect Sally’s financial plan?

3. What are Sally’s current life cycle needs?

4. How do Sally’s current life cycle needs affect her personal financial plan?

5. Use the information above to help Sally begin developing a financial plan by writing two SMART
financial goals for her. a. Goal 1

© Family Economics & Financial Education – Revised May 2010 – Introduction to Finance – Life Cycle of Financial Planning – Page 12
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

b. Goal 2

6. List a resource that is…


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