Question

When achieving personal and financial goals, you must put forth time, effort, and money to obtain those goals. Write about three different goals you want to achieve in different stages of your life. Describe the following: the financial choices you will have to make the time required to achieve these goals the effort involved in achieving these goals

Answer 1

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Step-by-step explanation:

I have decided on three personal goals I want to achieve in the course of my life. To accomplish these goals, I will need to have a good financial plan in place.

Goal 1: Attend One of the Best Universities in the United States

I am presently in high school, and my immediate next goal is to get into and attend one of the best universities in the country. I will need higher grades and sufficient money to pay the tuition and other fees. This is how I plan to achieve my goal:

Financial choices: I will weigh my options thoroughly before making any big-ticket purchases. I will go for lower-priced alternatives instead of brand names when it comes to clothing and electronics, as long as they satisfy my needs and are good purchases.

Time required to achieve my goal: I have two years until I graduate from high school and will begin attending my desired university. I will use this time to save up for the tuition and fees.

Effort required: I will have to put in a lot of effort to get the required grades. If I get excellent grades, I can qualify for a scholarship that will drastically reduce my financial burden while attending my university.

Goal 2: Become Financially Independent in the Next Five Years

I am currently living with my parents at their expense. Within five years, I want to be financially independent and live on my own. This is how I plan to achieve it:

Financial choices: I will spend only when required to satisfy my needs. I have various wants, but I will fulfill them only if my monthly budget can accommodate them.

Time required to achieve my goal: I want to achieve this goal within five years.

Effort required: I will obtain a job so I can earn enough income to sustain myself as well as save for my future.

Goal 3: Purchase a Luxury Car

I love cars, and I want to own an expensive car that will handle well and retain its value. This is how I plan to achieve to achieve my goal:

Financial choices: I will not make unnecessary purchases. I will follow the envelope method of budgeting and will set aside money every month toward the down payment for my car.

Time required to achieve my goal: I want to purchase this car eight to ten years from now. Until then, I will efficiently use the vehicle I can afford to own.

Effort required: I will have to make small sacrifices in order to save for my car, such as not purchasing items I want but don’t need. I might have to work extra hours to earn additional income.

Answer 2

Goals

1. To buy 3 apartments before I am 40
2. To have a kid when I am in my 40's
3. To Travel to Asia with my son when he is 20

The financial choices you will have to make:

Have a strong saving culture (20% of my income)

To stablish a strong income so I can ask for credits

Not to expend my money on unnecesary products or services

The time required to achieve these goals

To obtain the 3 apartments I will need 10 years

To be financially able to have a kid when I am 40 I will need between 10 to 15 years

To be able to travel to Asia with my son when he is a young adult I will need 20 to30 years

The effort involved in achieving these goals

Have a lot of pacience

Have valuable connections and good reputation

Being flexible when the economic, social, or health aspects of my life are not going well so I can remain motivated for achieving these goals.