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.

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.

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.

A financial goal should be attainable if you have any hope of it coming true. This means that you need to be able to take concrete steps to make it happen.

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True

False

True. As opposed to goals that are too expensive or hard to achieve, an attainable goal is one that you can take steps to make happen.

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.

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