Setting the Short-Term and Long-Term Goals for Newlyweds

In: Business and Management

Submitted By meladams
Words 634
Pages 3
Setting the Short-term and Long-term Goals for Newlyweds

It is important for the newlyweds to have a financial plans set up as it helps them have a focus in life and have a reason for saving money. The short-term goals would involve things that would not require a lot of money and thus would be achieved in a short time. The long-term goals on the other hand would entail things that require a lot of money to accomplish and thereby take more time to complete (McKeown, 2012).

Short-term Goals

The first short term goal that I would advise the couple to set is improving the outlook of their house. This would include buying equipment that they do not have but they need them. These items include things such as furniture and electrical appliances. They would do a research on the prices of the gadgets in the market and thereby be able to note the specific target in terms of money. They would then set the amount that they should save monthly towards the furniture and electrical appliances (Hallman & Rosenbloom, 2003).

The couple should also target at clearing all their financial debts. They should set aside a specific sum of money monthly to pay these debts. After clearing their debts they should then save up money, which they can use, in case they face a financial problem. This would help them avoid getting into debts in the future (Hallman & Rosenbloom, 2003).

They should also save for their annual vacation. This should be done throughout the years since each year they will be saving for that year’s vacation. Each month therefore after deciding the place they will go for vacation and the length of time, they will then do a research on the costs they will incur and divide it amongst the 12 months in order to have a clear figure of the amount they will need to save monthly (Hallman & Rosenbloom, 2003).

Furniture1. 4 Dining chairs - save $100 monthly…...

Similar Documents

Long-Term and Short-Term Financing

...Long-Term and Short-Term Financing Long-Term and Short-Term Financing Long-Term and Short-Term Financing There will come a time when the company will want to make improvements for the company, during this time the company will need more funding for new equipment, enhanced cash flow, new technology, and any other company expansion they want or ay need. It is normal for any business to have debts once in a while just to support the rest of their business operations. For this, the company may choose between long-term financing and short-term financing. They should determine the company’s needs and understand the difference between the two options before determining which of these options is most advantageous for the company. The best option for financing needs that last a year or less is short-term financing. Short-term financing will provide the company with enough capital needed. Promissory noted, short-term loans, inventory loans, over drafting, and letter of credits are part of short-term financing. Short-term loan will help the business by boosting the inventory orders, daily supplies of the company, and wage distribution aside from raising capital. Signing a short-term loan which is payable for six months is the best example of how short-term financing works. Thinking about it positively, he can use the profit from their sales to pay this loan. If the company is confident in paying the loan back on the due date they should use such loan. (Thompson,......

Words: 340 - Pages: 2

Short Term and Long Term Mba

...Essay Question: What are your short-term and long-term career goals? How will the Columbia Business School MBA help you achieve these goals? I have always been told to figure out what you like to do and then make a career out of it. Eight years ago, armed with this bit of philosophy, I set out to find out what I liked to do. Before entering college I realized that my interests lay in business. In college, my courses in business were the ones looked forward to the most, and my business projects and presentations were the most challenging and rewarding of all my undergraduate course work. So, it was easy for me to decide to pursue a career in business when I graduated from college, leading to a career as a defined contribution analyst. Now, as I once again evaluate what I want my career to be, I am considering that advice again. What do I like to do? I enjoy solving problems in the areas of retirement services and defined contribution plans. Retirement planning is important to everyone, and it will only become more important as time goes on. In the next few years, after successfully earning my MBA at Columbia, I would like to seek a position as a defined contribution analyst in an international finance organization. Because of the excellent preparation Columbia will have provided me, I will immediately excel and climb up the corporate ladder. This is the best way that I can make an impact and grow as a professional at the same time. Eventually, I would like to expand my client......

Words: 996 - Pages: 4

Long Term Goals

...3 Long Term Goals Within the next 5-10 years my long-term goals are get my masters in marketing communications, become a certified sports agent, and serve 2-3 years in the air force. I have chosen these long-term goals because these are the three aspects in my life I want to aim towards in order for me to become successful. These three will not only help me but also benefit me in an ample amount of ways. My first long-term goal involves with me getting my masters. Now in order for me to obtain my masters I first must obtain my bachelor’s in marketing communications. It will take a while but to it is worth it because I haven’t seen many people at my level go further with there college career and try to obtain a master’s. I feel as if, if I am one of those who aren’t like the rest and I actually obtain a master’s, it can give me an edge over a lot of others when applying for a job, because it looks well presentable on a resume. Becoming a certified sports agent is my secondary long-term goal for the next 5-10 years. Reason being is, well, long story short, I am a sports fanatic. I always loved watching all types of sports. And I have a great knowledge for it, especially for basketball. Basketball is a sport that I love, but I could never play the game as well as coach or debate about it in discussions with others. But I always wanted to be involved around it in my professional career. The thing with sports agents is that they can be an agent of a big time player......

Words: 508 - Pages: 3

Long Term Goal

...frightening conclusion: I no longer wanted to study finance, the major I had been pursuing for the past two and a half years (The "third year of college" reveals this already. How long had you been interested in business before that?). Slowly, I had grown discontent with my studies, losing interest in schoolwork that failed to resonate with my changing goals. I no longer wanted to work in business; instead I wanted to work in a setting that allowed me to have a direct impact on the lives of others. After researching the profession more thoroughly, I decided that I would like to go into the field of nursing. In regards to nursing, my short term goals are related to education. I place an emphasis on education because I believe it is the vehicle that allows us to move forward in our lives. That being said, in the near future I hope to attend an accredited nursing program where I can receive an encompassing education through rigorous coursework and gain the knowledge and skills necessary to become a competent, vigilant nurse in a variety of clinical settings. (I know that this is your goal, but everyone applying to nursing school has this same goal. What are you most interested in learning (subjects, skills, personality characteristics you want to develop)?) In consideration of my long term goals, I must say that I don’t know what I hope to achieve. I say this not because I am an impulsive, reckless young adult, but rather because I do not know where I’d like to be or......

Words: 519 - Pages: 3

Short Term and Long Term Goals

...Deciding when Short-term or Long-term Goals Drive a Decision Rickey Paradise GEN480 MAY 09, 2013 Professor Annie Debeljak University of Phoenix Deciding when Short-term or Long-term Goals Drive a Decision To determine the difference in short-term and long-term decisions one must understand that most decisions have both. As a planner and estimator making difficult decisions is a daily occurrence. The decisions made today effect the long-term decisions because the goal may change, such as making a schedule to complete a task. The long term estimated delivery of the product may be six months away. However, the short-term goals and decisions to achieve the goal effect the scheduled date because bottlenecks occur, such as retrieving the parts to complete the task on time. Personal goals have the same consequences. Planning his or her education is a one way to understand this concept. If an individual makes a decision to obtain his or her degree in two years the long-term goal is set. However, during the course of the year a tragedy occurs and the individual has to change the long-term goal because the short-term goals are affected. Critical thinking while setting the goal may have solved the problem. Allowing for inconvenient occurrences while setting the long-term goal helps to maintain the set schedule. Setting goals require making small steps to obtain the long-range goal. Monitoring the short-term goals is one way to achieve the long-term goal. According to Rosen......

Words: 400 - Pages: 2

Short and Long Term Change

...plan and implement some type of change management strategy. According to Weiss (2012), “planned organizational change is a process that moves companies from a present state to a desired future state with the goal of enhancing their effectiveness” (section 1.1, para. 2). An organization should have a planned change strategy and a change model to effectively lead and manage organizational adaptation. XYZ, Inc. is a high-end retail chain that sells luxury watches, jewelry, and handbags. XYZ is opening a store in Shanghai, China and has put an executive in charge of its first international expansion. This will be a short-term, small-scale change for the organization. After one year, the executive is also expected to begin implementation of a long-term, large-scale change by opening additional stores in Brazil, Russia, India, and China (also known as the B.R.I.C. countries). The purpose of this commentary is to identify which change model should be followed for the short-term changes, describe which change model should be followed for the long-term changes, and discuss the effects that these changes would have on the employees, managers, and executives within the organization. The systems contingency model is the change model which should be adopted for the short-term, developmental change at XYZ, Inc. Given the premise that there is no best strategy to forecast organizational achievement, this approach is also referred to as a congruence model. According to Weiss (2012)...

Words: 2125 - Pages: 9

Long Term-Goals

...Real Estate Short and Long-Term Goals Debbie Pena Northcentral University Real Estate Short and Long-Term Goals This research includes short-term and long-term real estate goals. The short-term goals revolve around assisting people with low to moderate earnings to purchase "green" (environmentally friendly) feature properties without going over budget. Long-term goals include becoming certified in energy efficient programs called Leadership in Energy and Environmental Design, property management services, mortgage programs, and offering classes in credit counseling. The short-term goals will be directly applicable to the long-term goals. In order to meet the needs of the clients, the credit counseling and property management business will change from being a long-term goal to a short-term goal. Clients with imperfect credit (or no credit) need help in obtaining a home mortgage loan. The client might have enough salary to cover the monthly expenses, however, a low Fair Isaac Corporation (FICO) score can cause a loan to be declined. In order for a customer to be pre-qualified, their credit history must be evaluated and old "collections" paid. Proof of payment is sent to three credit bureaus (Equifax, TransUnion, and Experian). If, for some reason, the clients cannot be pre-qualified, they might need the services of a property management services (renting, or leasing) until the credit score is sufficient enough to qualify for a home mortgage loan. The......

Words: 1110 - Pages: 5

Short Term and Long Term Memories

...5/30/2014 SSCI206 Unit 4 Individual Project Sensory, short-term and long-term memories are all a part of the first step in the human memory model. After the basic steps of memory function come the types of memory and how they’re used in retaining information. Encoding happens first in order to determine how information is remembered on each acquired basis. Once the information is encoded it is then stored and each memory can be in more than one place. When the memory or information is ready to be used it is then retrieved and brought to a conscious level. Next, “the retrieval process relies greatly on the encoding process and the cues or techniques used to get the material through the encoding process” (Introduction to psychology, 2011). Spacing out the repetition of information can help with the retrieval and storing of information. When a student considers cramming for a test, often times the material is not retained properly and forgotten by the time he is ready to use the information. Interference theory states that old or current information remains until new information comes into play. There are two types of interference theories retroactive and proactive interference. Retroactive interference is when new information interferes with the ability to retain older information and proactive interference is when the old information prohibits new information to retention (Introduction to psychology, 2011).......

Words: 524 - Pages: 3

Short and Long Term Goals

...1. Short – term Educational Goal 2. Long –Term Educational Goal 3. Goal Development Analysis: a. What types of techniques did you use to set your education goals? I am using time management since that is going to be the biggest obstacle for me. Having a full time job, a family and home to take care of. Now I will have to fit school into my busy schedule. b. What kind of techniques will you use to manage your time so that you can achieve your goals? I will be making a schedule for everyday that I will be following to make sure that all my readings and assignments get turned in on time. I will also be doing most of my reading on the weekend to get ahead so I will not fall behind. c. What kind of techniques will you use to manage the stress that you encounter in achieving your goals? The first thing that I am going to do to manage stress will be to workout every morning before my day starts. I will also be scheduling down time for myself to relax for one hour every evening before I sit down to do assignments. ----------------------- Setting up schedule to fit school into my day Today: Make a schedule This week: Read ahead and get assignments done on time This month: Use what I am learning to fit into my daily life This year: Get awesome grades and not miss any school Get my bachelor degree in Business Management Today: Turn all assignments in on time and do all my readings This week: Follow schedule......

Words: 323 - Pages: 2

Long and Short Term Goals

...enhance my SAP skills to a more managerial role. The program for strategy Field study would help me learn from case based and real time scenarios in actual situations, which would help me, get a firsthand experience of project planning and timelines. The Global Leadership program of the Schulich MBA is in itself a great opportunity to lead and develop one’s experience and be able to network across with people from different backgrounds. This would help me gain perspective on how different people function, on how various business functions and project implementations in various markets are affected by the competition and markets while enabling me to effectively communicate with individuals from around the globe. This dovetails with my long-term goal of running complete SAP solutions in technical consultations and rising to the level of a VP whereby I will control SAP implementations across the firm as well as manage other non-SAP related projects....

Words: 311 - Pages: 2

Short and Long Term Factors

...In the 2010 general elections the Conservative Party gained the most votes but not the majority to form a government, therefore a coalition was formed between the Conservative Party and the Liberal Democrats Party. I will be discussing two short term factors and two long term factors in my essay. The short term factors which I will be discussing are; the influence of the media and the election campaigns. The long term factors I will be discussing are; social class and the location of where the person lives. I believe that the influence on the media is the most important factor because the media influence so much of our lives nowadays and it is so easy to access all parts of the media through our phone. Therefore when a major newspaper is bias towards one they get more media coverage and the therefore it sways people’s opinions as all the positives about that political party are shown. Firstly, the influence of the media. The media nowadays comes in all different forms for example; newspapers, magazines, television and radio. The media is where people can form their opinions on the ability of political leaders and whether the government is doing a good job or not. The media determines what people see and what people hear, if they want to cover something up then they have the ability to do so as they decide what goes in to the public eye. In the dominant ideology model of voting behaviour its argued that the mass media has traditionally been supportive of the conservative......

Words: 918 - Pages: 4

Long-Term and Short-Term Financing

...Long-Term and Short-Term Financing Long-Term and Short-Term Financing There will come a time when the company will want to make improvements for the company, during this time the company will need more funding for new equipment, enhanced cash flow, new technology, and any other company expansion they want or ay need. It is normal for any business to have debts once in a while just to support the rest of their business operations. For this, the company may choose between long-term financing and short-term financing. They should determine the company’s needs and understand the difference between the two options before determining which of these options is most advantageous for the company. The best option for financing needs that last a year or less is short-term financing. Short-term financing will provide the company with enough capital needed. Promissory noted, short-term loans, inventory loans, over drafting, and letter of credits are part of short-term financing. Short-term loan will help the business by boosting the inventory orders, daily supplies of the company, and wage distribution aside from raising capital. Signing a short-term loan which is payable for six months is the best example of how short-term financing works. Thinking about it positively, he can use the profit from their sales to pay this loan. If the company is confident in paying the loan back on the due date they should use such loan. (Thompson, 2001) For a company that needs......

Words: 390 - Pages: 2

Long Term and Short Term Financing

...Long-Term and Short-Term Financing FIN/200 November 19, 2010 David Stretton Long-Term and Short-Term Financing All business owners make profit but they also acquire debt in the process of making money. In order to make money as a business owner you have to spend money to be successful. So, in order for a business to stay afloat the business owners may decide to purchase big ticket items that they really do not have the on hand revenue for. In order for a business owner to purchase these items or even expand the business they must decide what type of financing they need to do so. Depending on the businesses needs they could either choose to go with long-term financing or short-term financing. If a business owner wants to finance something for a shorter period of time like one year or less, then it is best for them to go with short-term financing. Short-term financing really depends on what the business owner needs the loan for. The options for short-term financing could include a line of credit, a note, pledging receivables, or even factoring (Block, Hirt, Danielsen, 2009). One example of a business owner using short-term financing would be to purchase inventory for the next year. Long-term financing is done when a business owner needs a bigger amount of money and they want to pay it back in a longer period than just one year. The long-term financing options could be a term loan, preferred stock equity, or even a secured or unsecured loan (Block, Hirt,......

Words: 319 - Pages: 2

Long Term Short Term Financing

...Long-Term Short-Term Financing Gwen Florence University of Phoenix June 19, 2012 Long-Term Short-Term Financing Both new and established businesses will find it necessary to incur debts during the course of business operations. Financing may be sought for a multitude of reasons – like smoothing cash flow, purchasing equipment, or expanding operations. The choice between short- and long-term financing options should be determined based on each business’ individual needs. To make that determination, businesses also need to understand when each type of financing is appropriate. For financing needs over a period of a year or less, sort term financing can be used to inject capital into businesses (Ross, Thompson, Christensen, Westerfield, Jordan, 2001). Short term financing options include short-term loans, letters of credit, promissory notes, over drafting, and inventory loans. These options are often used by businesses to cover day-to-day costs like supplies, inventory orders, and wages. Due to the nature of their shifting demands, seasonal businesses in particular often use short term finance arrangements. An example of short-term financing is a company signing a short-term loan in order to purchase more inventories. Proceeds from sales of goods would be used to repay the loan. This is appropriate only if the capital required by the firm can be paid off within the loan’s timeframe. For financing needs over a......

Words: 353 - Pages: 2

My Long Term and Short Term Goals

...Professional and Personal Goals December 12, 2011 Someone famous once wrote, “A journey of a thousand miles begins with a single step.” That’s deep! But, in a way, it’s obvious and should go without saying. However, so many people try to just jump the whole thousand miles at once and seem to forget that careful steps and rest stops must be made along the way to successfully (the main word is successfully ) complete that journey. I’ve had my goals and aspirations for a long time but I’m not sure that I ever started out in the most organized fashion. My professional goals remain the same but I now realize that effective time management is the main way to achieve my goals in a less stressful manner. I understand that setting goals is very important so that one can determine what is important and what is not. It helps one concentrate on the big picture and gives one the freedom to spend less time on the not so important things. The goals that are set should be attainable, specific, measurable, realistic, and timely. My professional short term goal is to acquire a staff or per diem position at one of the few hospitals in the area which are willing to hire nurses with associate degrees. I was, until I started school, a traveling nurse, but, due to the course of study I am undergoing, I’ve had to stop traveling. My professional long term goal is to ultimately receive a master’s degree so that I can become a nurse practitioner or a clinical instructor. I...

Words: 1403 - Pages: 6