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Setting Financial Goals
What is a financial goal?
A financial goal is an objective whose completion is based upon money. Some examples of financial goals would be establishing an emergency fund, saving for a vacation, purchasing a car, getting out of debt, etc.
Did you know that there are three types of financial goals?
Short Term Goals
Short term goals can be reached in a year or less.
Example: Saving for a digital camera
Mid-Term Goals
Mid-term goals can be reached in 1 to 5 years.
Example: Buying or leasing a car
Long Term Goals
Long term goals can be reached in 5 years or more.
Example: Putting a down-payment on a home