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Identify long-term goals that you want to spend money on in the next 5-20, or more, years


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


The most common long-term goal is saving for retirement. Although you are just starting your working life, you want to start saving now for retirement now.

The key is to recognize that workers have to manage the accumulation of money to live on in their retirement years. Some employers may offer to match a certain percent of the money employees put into a 401(k) retirement plan. Workers can also set up their own individual retirement accounts (IRAs.)

The following resources may assist you in identifying long-term goals that you want to spend money on in the next 5-20, or more, years:

A Guide To Your Financial Future

Savings Fitness: A Guide to Your Money and Your Financial Future

Clever Retirement Savings Video

Something Is Better Than Nothing When Saving For a Long-term Goal

A Helpful Retirement Savings Calculator

A Retirement Ballpark Estimator


Getting Out on Your Own Tasks

1. Finding housing
2. Building credit access and usage
3. Reaching financial goals
4. Setting up a spending plan
5. Getting properly insured

Reaching financial goals Subtasks

1. Establish a rainy day fund
2. Identify short-term goals that you want to spend money on in the next 3-6 months
3. Identify intermediate-term goals that you want to spend money on in the next 6 months to five years
4. Identify long-term goals that you want to spend money on in the next 5-20, or more, years
5. Use the magic of compounding to achieve long-term goals

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