Question

time-based

• involves setting a time to achieve financial goals

◦ choosing a time frame can help confusion and eventually help accomplish financial goals
◦ for example, \increase savings by 20 percent in a year\ is a specific goal, whereas only saying \increase savings by 20 percent\ can be and allows for lack of accountability

developing financial goals

• provides a for a plan and a target which can be focused upon
• involves considering obvious but also goals which may not be initially thought of as financial

◦ for example, having a monthly savings plan might be obvious, while the goal of a new laptop after graduation may not seem financial, considering the cost of the laptop should be included in the financial plan

• can involve future expenses and including them in the financial plan, which means sacrifices somewhere in the budget will not have to be made at a later date
• can be impacted by personal values, and wants

Explanation:

• For the first part:
• "Time - Based" section: Setting a time frame helps in financial goals. Choosing a time frame can eliminate confusion. A specific time - based goal (like increasing savings in a year) is better than a vague one (just increasing savings).
• "Developing Financial Goals" section: It provides a direction for a plan. Consider obvious objectives (monthly savings) and also goals like buying a laptop (which involves cost). Anticipating future expenses and including them in the plan. Impacted by personal values, needs, and wants.

Answer:

• First part (Time - Based):
• First blank: frame
• Second blank: eliminate
• Third blank: time - based
• Fourth blank: vague
• Second part (Developing Financial Goals):
• First blank: direction
• Second blank: objectives
• Third blank: buying
• Fourth blank: anticipating
• Fifth blank: needs