ECONOMICS (CBSE/UGC NET)

ECONOMICS

BUDGETING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following would most likely be a long-term goal?

A	Rent an Apartment
B	Buy Some Furniture
C	Buy Dishes
D	Buy a House

Explanation:

Detailed explanation-1: -An example of a long-term goal is going and completing college, as it takes 3-4 years to complete college for a bachelor’s degree.

Detailed explanation-2: -Any goal within a five-year window is considered short term; anything longer is (you guessed it) long term. Some short-term goal examples include buying a new car or paying down student loans, while long-term goals may be things like saving for retirement, paying for your kids’ education, or buying a vacation home.

Detailed explanation-3: -A popular long-term goal is to be mortgage-free before retiring. Once that financial freedom happens, it allows you to set more money away, allowing you to enjoy your golden years to the fullest. Lastly, saving for retirement is the most important long-term goal.

Detailed explanation-4: -10 Examples Of Long-Term Financial Goals Maximize your earning potential. Optimize the finances for your home. Eliminate all non-mortgage debt. Save for retirement. Save for your children’s education.

There is 1 question to complete.