You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…*1 pointRetirement, a house down payment, college tuitionA new cell phone, college tuition, a house down paymentA new cell phone, dinner with friends this weekend, a new bikeRetirement, college tuition, a vacation
Question
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…*1 pointRetirement, a house down payment, college tuitionA new cell phone, college tuition, a house down paymentA new cell phone, dinner with friends this weekend, a new bikeRetirement, college tuition, a vacation
Solution
The correct order from short-term to long-term goals would be: "A new cell phone, college tuition, a house down payment".
This is because a new cell phone is a relatively small expense that can be saved for in a short amount of time. College tuition is a larger expense that would typically require a medium-term savings plan. A house down payment is a significant expense that would likely require a long-term savings plan.
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