Question

To start making financial plans, you are thinking of some wants and needs in your personal life—you want to go to college out of state, you want to get a used car to go to and from your job, you want to save money to go on a spring break trip, and you also want to buy that pair of sneakers. Of your wants and needs, which one is a long-term financial goal?
Responses

saving for college
saving for college

buying a used car
buying a used car

buying the pair of sneakers
buying the pair of sneakers

saving for spring break

Answer 1

saving for college

Explanation: Long-term financial goals typically take several years to achieve. Going to college out of state usually requires saving over multiple years, whereas a used car, spring break, or sneakers are short- to medium-term purchases.