I will discuss the building blocks of the Standard Model Effective Field Theory, one of the most model independent ways of parameterizing the effects of new physics, and then proceed to discuss its effects on precision data at the tree and one loop levels, as well as the predictions it makes at high energy hadron colliders such as the LHC and Tevatron and what effects it could be expected to have in the flavor physics sector. I will also present a view of the future of SMEFT studies, explaining how they will be usable for both current models and future, as-yet-uninvented ones.