Personal Finance

Assignment Question: Discuss the advantages of a college education in meeting short- and long-
term financial goals

Financial goals

One of the best ways to achieve goals in in life is by writing them down, thus, writing down your
financial goals will help you to visualize them. In order to have a crystal clear picture of the
advantages of a college education in meeting short - term and long - term financial goals. There
is need to understand what “Financial Goals” is all about. According to general understanding of
financial goals, it was denoted to be the objectives or landmarks that someone wants his/her
money to cover at a specific time.

Further, financial goals is like building an emergency fund, to become debt-free, or planning to
embark on a remarkable retreat, thus, in achieving all these, the financial goal needs to be clear.
In summary, Finance concerns the flow of money from one place to another; while financial
goals concern individual money and what he/she plan to do with it as it flows in and out of their
possession.

Advantages of a college education in meeting short- and long-term financial goals

Short-Term Financial Goals

 Creating an emergency fund: This is another advantage of college education in meeting

short term financials goals. Emergency fund is money which one set aside specifically to
pay for unexpected expenses. Once this goal is met, one can easily expand it so that the
substitute fund can cover larger financial difficulties in the future, like unemployment.

 Child’s play school admission: This is of the advantages of a college education in

meeting short- term financial goals; you can easily make plans and meet the demand of
your child’s play school admission.
  Confidence boost and foundational knowledge: One of the advantages of college
education in meeting short term financials goals is that it gives confidence boost and
foundational knowledge you need to achieve larger goals that will take more time. One
can sit down and create a budget in a few hours, and one can probably save a decent
emergency fund in a year.

 Establish a budget: Another advantage of college education in meeting short term

financials goals is that one can’t know where he/she is going until you really know where
you are right now. That means setting up a budget; this is an easy way to tracking one’s
spending.

 Pay off credit cards: Another advantage of college education in meeting short term
financials goals. Unlike the substitute fund, paying off credit cards makes it easy to
achieve any other financial goal much more. In the other hands, college education help
one to easily pay off this credit.

Long-Term Financial Goals

 Future Saving: One of the advantages of a college education in meeting long-term

financial goals is making it possible for one to save enough money to retire.

 Desire Annual Living: Another advantage of a college education in meeting long-term

financial goals is giving one’s ability to evaluate one desired annual living expenses
during retirement. The budget you created when you started on your short-term financial
goals will give you an idea of how much you need in the long – term financial goals.
 Saving for college tuition: Another advantage of a college education in meeting long-
term financial goals is the ability to be able to save enough tuition.

 Wealth Creation: One of the advantages of college education in meeting long-term

financial goals is that enable you to create wealth for your Retirement, Child’s Education
and Marriage, go for your dream holiday, because you have provided security,
emergency fund and reduced debt for you and your family.

 Startup/Entrepreneurship: Another advantage of a college education in meeting long-term

financial goals is preparing he/she with the adequate skills needed for a
Startup/Entrepreneurship. Thus, college education reveals ones potential and prepares
them for the future ahead.