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How do short-term financial goals differ from long-term financial goals?

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Final answer:

Short-term financial goals are action steps contributing to long-term objectives, differing from long-term goals that require more sustained effort and time.


Explanation:

Short-term financial goals differ from long-term financial goals in various ways:

  1. Short-term goals are action steps that take less time to complete than long-term goals but contribute to achieving long-term objectives.
  2. Long-term goals require more time and sustained effort and often involve major milestones like retirement planning or buying a house.
  3. Setting SMART goals helps in managing both short and long-term financial objectives effectively.

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