What differentiates Short-term VS Mid-term VS Long-term goals?
Hi, I'm quite new when it comes to managing my own finances here and though I've been doing some self-reading one thing I learnt is that saving is very important.
However, I'm still unable to understand what differentiates long-term, mid-term, and short-term goals. Could someone please break it down and explain to me how you decide what goals falls under which category?
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Kylie Ng Kai Li
12 Jun 2021
Senior Premier Consultant at AIA Insurance Pte Ltd
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Tan Choong Hwee
12 Jun 2021
Solutions Specialist at Providend
For me:
Short term: up to 3 years.
Mid term: 4 ~ 9 years.
Long term: 10 years and more.
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Typically the time period where the money is required determines the classification. The goal can va...
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Hi,
The time horizon is actually “set” by yourself.
Instead of using a time horizon, like how long is short term, long term etc, you can use and set a goal for what the bucket of money can be used for.
For example,
Short term: Money for new house and renovation/marriage (might be 3-6 years)
Mid term: Money for family in the future (kids etc) could be 10 years etc
Long term: Money for retirement (could be 20 years and more)
With a more obvious objective in mind, it would be easier to plan.
If you have no big ticket items purchase anytime soon, you can even set the short mid and long every 5 years. 5, 10 and 15 years for example :)