taking stock
Goals = A Gateway to the Future
So you’ve taken a look at your present situation. Financial success also involves focusing on the future: What do you want to be able to do? What do you want to be able to afford? Financial goals will help you achieve these things without borrowing. There are three major types of financial goals -- short, intermediate, and long term. A short-term goal is one that can be reached in a year or less. Which of these is a short-term goal?
- Saving to pay for a new outfit for work
- Saving to buy a car
- Saving for your child’s education
“A” is correct. With planning, most of us can save enough to pay for an outfit or a short vacation in a matter of weeks or a few months. It takes longer to save enough to buy a car or home or to pay for college. No matter what type of goal you set, it still takes planning and self control to reach it.