Question

Which of the statements describes a medium-term financial goal? On his last day of school, Michael sat down with his favorite professor to chalk out a personal financial for himself. He wanted to get started in life as soon as possible and he went to set goals that he could direct himself to achieve. He already knew that he wanted to buy a house on his own at some point. He wanted to save enough money for this. Once he decided on this target, his professor suggested that he look for good college for further studies. They pointed out to him that he could possibly get a student loan for this. They said that once he is done with his studies, he could pay off the loan. His professor advised him, that he should keep an eye on retiring with the adequate luxuries. For this, they suggested that he think of a pertinent retirement plan for himself. Michael wrote down all the suggestions in his notepad. He also wrote down ‘car’, which he decided he would require to travel to college.

Answer 1

Answer: He already knew that he wanted to buy a house on his own at some point. He wanted to save enough money for this.

Step-by-step explanation:

Medium term goals are referred to as the goals that usually achievable in about five years. These kind of financial goals typically a bit expensive but can be achievable when the person is hardworking and disciplined.

Examples of mid-term financial goals are when one pays off a huge student loan, saves for a down payment on a house, starts a business etc.

With regards to the question, the statement that describes a medium-term financial goal is "He already knew that he wanted to buy a house on his own at some point. He wanted to save enough money for this".