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BUSINESS Friday 22 November 2019
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Wipe out credit card debt by setting SMART goals

By MELISSA LAMBARENA — Realistic. Set goals that
Associated Press are achievable with the re-
Shatoria Smith was tired of sources available. You can
the $5,000 in credit card dream big, but the smaller
debt she felt was blocking steps that lead up to that
her from reaching her fi- dream should be within
nancial goals. She couldn't reach. At this stage, stop
see an easy path to be- using credit cards while
ing debt-free, so she drew paying down debt to get
herself a map by adapting results. (Some versions re-
a goal-setting framework place "realistic" with "rele-
she'd first heard about in a vant," meaning the goal is
college business class: the worth pursuing.)
SMART method. — Time-related. Set a dead-
"The SMART goal frame- line. The timeline should be
work helps you dig deep based on what you can
and devise a plan of how do, not just your desires.
to actually accomplish it," Smith says she crunched
says Smith, who lives in Flor- the numbers to establish
ida and writes about debt, the deadline that she met
budgeting and personal toward the end of 2015.
finance on her blog, Coin CONFRONT YOUR BUDGET
Countin Mama. "I was very Getting an accurate pic-
motivated." This Thursday, Nov. 29, 2018 file photo shows credit card logos posted on a store's door in Phila- ture of your finances, such
SMART was created by delphia. as overall expenses and
management consultant Associated Press the money available to
George T. Doran in the ear- Doran, the SMART acronym them, she wrote that she Smith used an app with a pay down debt, is the key
ly 1980s as a tool for helping calls for goals to be specif- wanted to pay off $2,450 goal-tracking feature. to setting SMART goals, says
businesses set performance ic, measurable, assignable, within a year so she could — Assignable. Make clear Adam Hagerman, a Mary-
objectives. Over the years, realistic and time-related. free up money to pay stu- where responsibility lies at land-based certified finan-
it has been adapted for Here's how to apply it to dent loans. Her budget in- each step. This is especially cial planner and educator
goal-setting situations be- credit card debt: cluded $300 every month relevant if you're paying who uses the method to
yond the workplace. Smith — Specific. Define exactly toward that goal. down debt with a partner. help clients meet financial
applied it to her finances in what you want to accom- — Measureable. Track your (Some modern versions goals.
late 2014. plish and how you will do it. progress. You could do of SMART replace "assign- Once you get that accu-
WHAT IT MEANS TO BE Smith set a different strat- so with pen and paper, a able" with "achievable," rate picture, he says, you
SMART egy for each of her three spreadsheet, an app or meaning the goal should may need to revise your
As originally laid out by credit cards. For one of whatever works for you. be realistic.) original goals.q

Stocks move lower on Wall Street over trade anxiety

By DAMIAN J. TROISE ing that China's chief nego- port that LVMH would raise cutting its profit and sales and Development fore-
Associated Press tiator has called for more its bid for the company. forecast. Investors reward- cast global economic
NEW YORK (AP) — Stocks face-to-face negotiations. TD Ameritrade soared 15% ed Victoria's Secret owner growth to be 2.9% in 2019,
fell in early trading on Wall Technology stocks were after a report that Charles L Brands with a 10.4% gain which would mark the low-
Street Thursday as inves- among the biggest losers Schwab was in talks to ac- after the company met est growth since the finan-
tors worry that the U.S. and in the early going. Many quire it. Wall Street's profit expecta- cial crisis.q
China will fail to make a chipmakers and compa- PayPal slipped 1% after tions.
trade deal before the year nies that make hardware saying it would buy Hon- Several other well-known
is over. rely on China for sales and ey Science, which helps retailers will report earnings
The world's largest econo- supply chains. people find coupons and later Thursday, including
mies have been negoti- Health care stocks also fell discounts while they shop Nordstrom and Gap.
ating a resolution to their broadly. online. OVERSEAS: European and
trade war ahead of new Rising oil prices helped lift MIXED SHOPPING BAG: Re- Asian markets moved
tariffs set to hit key consum- energy stocks. Exxon Mobil tailers continued to report broadly lower. The Paris-
er goods on Dec. 15. rose 1.4%. a mixed batch of earn- based Organization for
Investors have been hop- Bond prices fell. The yield ings. Macy's fell 2.7% after Economic Cooperation
ing for a deal before that on the 10-year Treasury
happens. The tariffs would rose to 1.77% from 1.74%
increase prices on smart- late Wednesday.
phones, laptops and KEEPING SCORE: The S&P
many common household 500 index fell 0.3% as of
goods. 10:20 a.m. Eastern time. The
China's Commerce Ministry Dow Jones Industrial Aver-
batted away rumors that age fell 92 points, or 0.3%,
the talks were in trouble. to 27,727. The Nasdaq fell
A ministry spokesman said 0.4%. The Russell 2000 index
Beijing was committed to of smaller company stocks
continuing discussions on fell 0.5%.
core concerns. The Wall DEALS OF THE DAY: Tiffany
Street Journal is also report- jumped 2.6% following a re-