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

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1.
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.
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.
As you grow older, your savings goal may ________.
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Change. As you grow older, your savings goals are likely to change.
4.
To fully fund an emergency fund, you need to save at least _______ months of living expenses.
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Three to six. To fully fund an emergency fund, you need to save at least this much -- some advisors suggest even more.
5.
You can set up an automatic investment plan with a state college savings plan to help save for a childs college education.
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True. Setting up an automatic investment plan with a state college savings plan will help fund a childs college education.