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Key takeaways. Saving money requires intentional planning, and the way you should go about creating that plan will depend on whether you’re saving for short-term or long-term goals, or both.
What to consider for long-term savings. If you have long-term savings goals that span five to 10 years or more, developing a well-diversified investment strategy can be a smart choice.
Good for short-term needs. A savings account is the ideal spot for an emergency fund or cash you need within the next three to five years. Good for long-term goals.
In your 40s, you’re hitting your peak earning years and should be well on your way to achieving long-term savings goals. But life can get in the way. Talk to financial planners and they’ll ...
Additionally, for other long-term goals, you may want to consider a certificate of deposit (CD). These involve locking your funds away for a certain time period (can be as short as a month or as ...
A common long-term financial goal is saving for retirement. Depending on the stage of life you are currently in, you also might be thinking of long-term goals such as funding a child’s education ...
“For instance, a short-term goal could be paying off $5,000 in credit card debt within a year, while a long-term goal might involve saving $100,000 for retirement in the next 20 years.” Budget ...
Your long-term savings goals don’t all have to be big-picture investments or retirement accounts. Not that you shouldn’t think of those things but it can make a huge difference for your ...
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