Question

Geoff is saving up his money to buy a new car, and he estimates that he will be able to buy the car in about a year. Name and describe the type of goal Geoff is working toward.

Answer 1

Geoff is working toward a **short-term financial goal**. This type of goal typically involves saving money or accumulating resources within a relatively brief time frame, often less than a year. In Geoff's case, he has set his sights on purchasing a new car, which indicates he has a specific financial target and a clear timeline (approximately one year) for achieving it. Short-term goals often require careful budgeting, saving, and planning to ensure the individual can reach their desired outcome within the set period.