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5 Long-Term Financial Goals and How to Achieve Them

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The timeline of a long-term goal generally isn’t strict, giving you plenty of time to review and adjust your goals as you go. Save for retirement Expected time: 10-35 years Account types: Retirement plans including IRAs, 401(k)s and pensions Planning for retirement is one of the most common long-term financial goals.

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Using a Financial Planning Checklist Can Help You Meet Your Goals

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Although it might sound tedious, dedicating a little time to checking in on your bank statements, confirming you’re saving enough for retirement and reviewing the financial goals from the beginning of the year can help ensure you are on the right track. It also gives you time to make corrections if needed.

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5 Financial Basics Everyone Should Know

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Saving just $20 from every paycheck can add up and keep you from pulling out a credit card when emergencies happen. Paying off debt Paying off credit cards or other debt can feel like rolling a boulder up a hill. Many people are so uncomfortable looking at their credit card statements that they just avoid them.

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How to Set and Achieve Financial Goals

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Setting financial goals helps you improve your financial situation, whether you want to pay off debt, buy a home or fund retirement. Medium-term: These goals will take longer to reach than short-term goals but are still generally achievable in the next one to five years, such as paying off credit card debt or saving for a new car.

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30 New Year’s Resolution Ideas to Make 2024 Healthier, Happier & More Secure

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Save more for retirement. Increase contributions to retirement accounts such as your 401(k) or IRA. Empower yourself to live debt-free by paying down high-interest debts such as credit cards. Improve your credit score. Review your insurance plans. Reduce debt. Invest in an emergency fund.

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Transforming Your Relationship with Money

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Although that can be true in your financial life as well, you don’t want to spend so much time reviewing the past that you forget to look toward your future. It can be as simple as a missed credit card payment and the resulting fee haunting you from years past, or maybe you had a house foreclosure or car repossession.

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Lessons From Past Recessions

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As part of your financial plan, consider the following: Review your finances. Start by reviewing where you stand financially to get a clear overall picture of your financial life. How much debt do I have (credit cards, student loans, car loans, mortgages, etc.)? How much cash can I quickly access if needed (i.e.,