Final answer:
The goals described (getting a summer job, becoming fluent in another language, saving 30% of income to retire early) can be classified as SMART goals, which are Specific, Measurable, Attainable, Realistic, and Timely. To achieve such goals, defining the steps needed, setting a timeframe, and evaluating financial decisions are crucial.
Step-by-step explanation:
The type of goal that best describes each example provided by the student is a SMART goal. A SMART goal is Specific, Measurable, Attainable, Realistic, and Timely. This system is highly effective in achieving personal and professional objectives. Let's analyze how each example fits into the SMART criteria:
- Chandler wants to get a summer job: This is a specific and timely goal as it pertains to a defined timeframe (the summer).
- Cassidy wants to become fluent in another language: Here, specificity and measures can be applied by defining which language and setting milestones to measure fluency levels.
- Karla wants to save 30 percent of her income every year, so she can retire early: Is both specific in the percentage of income and measurable by tracking savings each year. It also incorporates the element of time with the intention to retire early.
To properly set a SMART goal, it is important to list each step toward meeting that goal to provide clarity and momentum, which will keep you motivated to stay on track to reach your career target. Furthermore, when planning your future financial decisions, it's essential to evaluate the reasons for making intertemporal choices, interpret an intertemporal budget constraint, and analyze why people in America tend to save such a small percentage of their income.
To refine goals further, one can also reflect on the actions needed to achieve them. Breaking down goals into feasible action steps and setting a target date for these actions will help to monitor progress effectively.