Assignment $1($Chapter $1)-$ Setting Financial Goals

In Chapter $1,$ section $1\mathrm{.}3$ describes the planning process. Within this section, you'll find details on how to define your personal financial goals. Financial goals are goals that center around your finances $($your money$).$ Although graduating, getting into a career you enjoy or spending more time with your family are all wonderful goals, these are not financial goals. These are life goals. For this assignment, you need to work on creating three financial goals. They are as follows:

Short$-$term $(1-2$ years$)$

Intermediate $(2-10$ years$)$

Long$-$term $(10+$ years$)$

Using the S$.$M$.$A$.$R$.$T$.$ method described in this chapter, create your own short$-$term, intermediate and long$-$term financial goals. Each goal needs to have a specific dollar amount attached to it$,$ the time frame you need in order to achieve this goal, and then a plan of action on how you are going to achieve this goal. For example, I want to sarfe, an additional $$500$ to be placed in my savings account in $10$ months' time. I will achieve this goal by working $1$ extra shift at work each month that will allow me to save up an extra $$50$ per month.

Each goal needs to be specific, measurable and realistic. At any point in the process of achieving your financial goals, you should be able to answer the question, $"$Am I on track, ahead of the goal or behind schedule?"

Obviously, it's more difficult to have a specific amount of money for long$-$term goals. This does not mean you get to cheat on creating one though. It just means that as time passes, this amount will probably need to be updated and assessed as the cost$-$of$-$living changes and as your income$/$ expenses change. Simply keep your goals up to date and this will allow you to achieve them within the time specified, making adjustments as needed.

This assignment will be held confidential between you and your instructor