taking stock
Making Your Dreams Come True
An intermediate financial goal, such as buying a used car, can be accomplished in one-to-three years. A long-term goal often takes several years to complete, because it requires a larger investment. Which of these is a long-term goal?
- Saving to buy a new refrigerator
- Saving for a rental deposit on an apartment
- Saving for retirement
“C” is correct, because this goal will take much longer than a couple of years to achieve. Once you set a goal, put a “price tag” on it - how much it will cost? What is your target date for achieving it? Also figure out how much money you’ll need to put aside each month to make your plan happen. Finally, save toward the objective. If problems arise along the way, don’t give up. Review and adjust your timeline instead.