What are some of the resources that families and individuals can use to reach their financial goals? Why is it important to take stock of these resources when planning financial goals?
Answers
Explanation:
Setting short-term, midterm, and long-term financial goals is an important step toward becoming financially secure. If you aren’t working toward anything specific, you’re likely to spend more than you should. You’ll then come up short when you need money for unexpected bills, not to mention when you want to retire. You might get stuck in a vicious cycle of credit card debt and feel like you never have enough cash to get properly insured, leaving you more vulnerable than you need to be to handle some of life’s major risks.
Even the most prudent person can't prepare against every crisis, as the world learned in the pandemic and many families learn every month. What thinking ahead does is give you a chance to work through things that could happen and do your best to prepare for them. This should be an ongoing process so you can shape your life and goals to fit the changes that will inevitably come.
Answer:
Make a list of your goals and steps you will take to achieve them. This will help you keep track of what you’re doing and what you need to do to reach your goals. Starting off with a plan will help you know what you want to achieve. Organize documents such as tax papers, credits, lists, and determine what it is you need to change to fix your problems. It’s important to see everything you have in your lifestyle now so that you can make better and proper decisions on how to make a financial goal.