Strategy Beginner: Saving for Short, Mid and Long-Term Goals

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1.
What is one mid-term savings goal?
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Buying a new car. Buying a new car is a mid-term savings goal.
2.
When establishing a mid-term savings goal, you must be able to save all the money you need to achieve that goal.
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False. When establishing a mid-term savings goal, you can save all or part of the money you need to reach that goal.
3.
Retirement is an example of what type of goal?
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Long-term goal. Retirement is an example of a long-term goal that will take years to achieve.
4.
One long-term tool that employers offer to help save for retirement in a systematic way is a _______.
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401(k) plan. One long-term tool that employers offer to employees to help them save for retirement in a systematic way is a 401(k) plan.
5.
When establishing short-term savings goals, its a good idea to set up a separate account to save money for that goal.
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True. When you set up a separate account for a short-term savings goal, that goal is more likely to be met.