Section 1.1 Personal Finance Basics 11
Judy also has conflicting goals. She wants to be on the girls’ basketball
team, which practices each day after school. At the same time, she wants to
keep her part-time job after school. Judy cannot reach both her goals. She
must decide which one is more important to her.
Life is full of conflicting goals and difficult choices. When your goals
conflict, your priorities and values will help you choose wisely.
Priorities
A priority is a value or goal that is given more importance than other
values and goals. You set your priorities by ranking goals in their order of
importance. Identify the things that are important to you and rank each item
from most to least important. This helps you direct your time, energy, and
money to whatever you most want to achieve—your priorities.
Whenever you decide one thing is more important than another, you are
making a priority judgment. If you think it is important to enjoy your work,
you may choose a job you like rather than a higher-paying job that does not
appeal to you. When you think about your own priorities, what would you
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Some values and goals are related to money and financial matters. These
things can have a major impact on the choices you make in the marketplace
and in your financial life.
Standards of Quality and Excellence
A standard is an established measure of quality, value, or quantity. The
word standard is used in many ways. Electrical products must meet certain
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must meet certain professional standards before they can practice.
You set standards for the way you want to live, what you want to do, and
the goods and services you want to buy. These standards depend on your
values and goals. They often vary from situation to situation. For instance, if a
big, perfect picture is a top priority when you buy a television, you may only
settle for the best. Your standards for a TV would be high. If you just want a
small TV that fits the corner of a workspace, your standards would call for
something smaller and less pricey. Think about situations in which you look
for the best and other situations when you just want good enough.
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practice a piece of music until you can play it without any mistakes, or are you
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some of your standards. A clear understanding of your standards in different
situations will help you make financial decisions that are right for you.
Resources
Resources are tools you can use to reach goals. There are two types of
resources—human and nonhuman resources.
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Quality Control
Technicians
Quality control
technicians ensure that
manufactured products
or services adhere to a
defined set of standards.
They follow plans or
procedures to improve
production or service.