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

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1.
Different types of goals can be met with different savings vehicles.
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True. Different types of goals can be met with different savings vehicles.
2.
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.
3.
What is an appropriate savings vehicle for a short-term goal?
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A savings account. A savings account is an appropriate savings vehicle for a short-term goal because it isnt very risky.
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 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.