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Financial goals are specific targets set for financial success, contrasting a financial plan that outlines how those objectives will be achieved.
Financial goals refer to specific targets an individual sets to achieve financial success, while a financial plan is the roadmap outlining how those goals will be accomplished. The statement, "Everyone has a financial plan, but not everyone has financial goals," implies that while many people may have a general plan in place to manage their finances, not all of them have clearly defined objectives to work towards.
For example, having a plan to save money each month without a clear goal in mind on what the savings are intended for would represent having a plan without specific goals. In contrast, setting a goal to save a certain amount for a down payment on a house within a year would be a defined financial goal within a plan.
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