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Individual Development Account

Goal Setting and Critical Thinking

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Please review the Table of Contents. You see this unit is divided into two parts: Goal Setting and Critical Thinking Skills.

Setting goals and reaching those goals help you succeed in all areas of your life. But this is an economic literacy program and throughout it you have been working on taking control of your own financial life. So the goals you set during this set of exercises should be financial.

Complete the exercise on page 1, “What are Your Dreams?” Think of three of your personal dreams and write them on this page.


Move on to page 2. Identify three of your talents and write them in the boxes on the page “What Are Your Talents?”


On page 3 you review your own values. On this page write the three values you hold most dear in the boxes.


Read the instructions on page 4. Now you will divide your goals into immediate, short-term and long-term. After reading page 4 go ahead and complete the activities on page 5, page 6 and page 7.

While working on page 5 really think about the SMART principal. Is each of your goals SMART?

On page 6 identify three short-term goals that will help you reach the long-term goals you listed on page 5. Then list two short-term goals that are complete in themselves.

While working on page 7 identify three immediate goals that will help you reach the short-term goals you listed on page 6. Then list two immediate goals that are complete in themselves.


Complete the quiz on page 8. The answers to the questions on this page are personal to you. Really think about how you answer them.


Read the material on page 9. After reading it reflect upon the barriers you face in taking control of your financial life.


The exercises on pages 10, 11, 12 and 13 put the concepts behind goal setting into your financial life. Read the instructions in the book and complete these exercises.

Critical Thinking Skills

It is hard to make good financial decisions and set realistic financial goals unless you are a good critical thinker. Complete the following 13 pages to improve your critical thinking abilities.

Page 1 lists the 7 Qualities of a Critical Thinker. Read it.


Read the material on pages 2, 3, and 4. Think about this material in the context of being a critical thinker.



Read pages 5 and 6. You will see from the material on these pages that two reputable authors writing on the subject of personal financial assets do not agree on just what constitutes an asset. Read this material and decide for your self if you agree with Sherraden or with Kiyosaki. Perhaps you don’t completely agree with either of them.



On page 7 you graduate from critical thinking to creative thinking. Sometimes the answers to the problems you are facing are best found if you think creatively. Complete the exercise on the bottom of page 7.



Now we have two cases studies and in order to arrive at solutions to the problems these people are facing you need to think both critically and creatively. On pages 8, 9, 10 and 11 you will read about the dilemma facing Shari. After reading this case study complete the answers to the questions on page 12.

There are no easy answers for Shari’s problems, but some solutions might affect her finances in a better way than others.


The second case study begins on page 13. Read it and answer the questions at the end of page 14. Once again, Gordon and Andrea are facing some difficult choices. Some choices will hurt their family’s finances less than others. Think about those.

Your book gives an Assignment for Next Week on page 15. You will not have to do this as an assignment because you are not taking this program in a classroom setting. But still it is a good exercise. Watch TV critically next week and recognize when you are being persuaded. The same goes for print material in a newspaper or magazine. Read ads and even articles more critically.

Click here to download the handout for Goal Setting & Critical Thinking