Test your knowledge

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You should consider revising your goals if _______.

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Your income increases

Your income decreases

You have a new want you need money for

Your income increases or your income decreases

Your income increases or your income decreases. If your income changes at all, you may need to cut the amount you are saving or have the opportunity to save more.

Which career or educational path is likely to pay the most money once you have a career?

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Full-time job out of high school

Associate's degree

Bachelor's degree

None of the above

Bachelor's degree. As a rule, a bachelor's degree will pay the most. There are exceptions to this rule, however.

Student loans are a form of free financial aid.

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True

False

False. This is money you borrowed and you're required to pay this back. You should try to and keep the amount borrowed at a level your future income can support.

Two characteristics of a SMART goal are that they are _______.

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Specific and material

Measurable and time-bound

Savings and monitored

Sensible and material

Measurable and time-bound. 'Specific' is a characteristic too.

Long-term financial goals are generally goals you want to achieve in 5-10 years.

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True

False

False. Long-term goals are 10 years or greater.

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