BANKING AFFAIRS

Detailed explanation-1: -In addition to saving for your long-term goals, you should be investing, too. Remember these guidelines as you plan. If you’re thinking about how to pay for goals that are seven or more years away, you should be saving and investing now. Consider these five key ways to help pursue your long-term investing goals.

Detailed explanation-2: -Long-term financial goals take five or more years to accomplish and generally apply to major life events. Some of the most important long term financial goals people have include saving for retirement and paying off their mortgage.

Detailed explanation-3: -Investing for short-and long-term goals Knowing this, you can put your money into different buckets based on how far away each goal is and how much risk you’re willing to take. Investing for medium-term goals (six to 10 years) should be less risky than investing for retirement (more than 10 years away).

Detailed explanation-4: -First, a word here about account choice: The vast majority of long-term goals are retirement-related, which means you should be investing in a tax-advantaged account. That’s a 401(k), if your employer offers one with matching dollars, or an IRA or Roth IRA if your employer doesn’t.