Make a list of five short-term goals, five intermediate goals, and five long-term goals. Before you list the goals, think seriously about your current situation. What kind of a financial future do you envision for yourself? What steps will you need to take to reach that future? Consider your present situation, and think of ways in which you can establish financial security.
Once you have completed your lists of goals, think of ways to achieve each of them. It is likely that investing will help you achieve some of your goals, but not all of them. Investments include money market securities, CDs, stocks, bonds, IRAs, mutual funds, and real estate. When you are considering investment options, refer to your course materials. Make sure you understand the risks of each kind of investment. Once you understand each type of investment, think about the timeframe of each one of your goals. Is investment an appropriate way to meet the goal?
Compile your goals and strategies into an outline. Divide your outline with three main headings—short-term goals, intermediate goals, and long-term goals. List each goal under the appropriate heading. After each goal, include a paragraph explaining how you are going to meet the goal. The paragraph should be written in complete sentences. It should include:
•A strategy for meeting the goal.
•An explanation of how you plan to use this strategy.
•Analysis of whether investment is appropriate for meeting the goal.
•An explanation of the type of investment used (if investment is appropriate).
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