Question

What type of goals are you setting if you set aside money for your child’s education when they are born?

Answer 1

When you set aside money for your child's education, even before they are born, it is called Long-term goal.

Long-term goals refer to goals that you wan tot achieve in future, meaning that the culmination or achievement of them is not an immediate requirement. These goals are usually set keeping in mind a stability and security for the future.

The minimum requirement for a long-term goal should be more than one year, the upper limit can be set by the consumer. Although, one invests in them for security, yet there is more uncertainty to these goals because of the varying market trends.

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