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What's the Difference Between Short-Term and Long-Term Goals?

In this week's Arista Advice, Paul L. Moffat of Arista Wealth Management shares the differences between short-term and long-term goals and ways to achieve them.

Full Transcript:

Hello, welcome to this week’s Arista Advice. Hope you’re well and having a great week.

Question of the week is – Paul, what’s the difference between short-term and long-term goals? Well, the main thing is one is short, and one is long.

Short term goals are usually goals within 12 months, or goals that you can achieve in three weeks, three months, six months, or 12 months. They have to do with, traditionally, spending and savings. Timelines also vary, but these are the things you’ll spend money on generally within a few months or years such an emergency fund, credit card payments, personal goods and travel, household expenditures, food, weekend trips, vacations. Those are all short-term goals.

In comparison, long-term goals are more big picture such as funding a retirement fund, paying off a mortgage, starting a business, putting money aside for college for the children, putting money aside for your first home. These are all noble, great things to be thinking of.

As you write them down, as you discuss them, and as you share them with others you’ll be able to achieve these goals. Statistics continue to tell us that if we write them down we take small steps on a daily basis, we share them with others, we put them in a visible spot in our daily routine, our ability to achieve these goals move up dramatically. Arista Advice – prioritize your goals. Budget and save, and write them down and share them with other people.

 Hope you’re well. Have a great week, and we look forward to talking to you soon.