Final answer:
Both short-term and long-term financial goals should be set by Jamie Lee and Ross using the SMART criteria, which ensures the goals are tailored to their current financial situation and future aspirations.
Step-by-step explanation:
After reviewing Jamie Lee and Ross's current financial situation, both short-term and long-term financial goals can be implemented. Using the SMART criteria, which stands for Specific, Measurable, Attainable, Realistic, and Timely, they can set objectives that they are likely to achieve.
Short-term goals
Short-term financial goals could include saving a certain amount of money within a year, reducing unnecessary expenditures within the next six months, or creating a beginner emergency fund within three months. These goals should be concrete and within reach to ensure success.
Long-term goals
For long-term financial goals, Jamie Lee and Ross might focus on building a substantial emergency fund, saving for a home down payment, or investing for retirement. These objectives require a well-thought-out plan and understanding of how to achieve them. Aligning the goals with their future intentions will ensure they are appropriate and achievable.