What are short-term and long-term financial goals?

Shortterm financial goals are typically those that can be achieved within one year or less, such as building an emergency fund or paying off a credit card debt. Longterm financial goals are usually those that take several years or more to achieve, such as saving for retirement or buying a home. The timeline for shortterm and longterm goals can vary depending on individual circumstances and priorities. It is important to have both shortterm and longterm financial goals to ensure a balanced and comprehensive approach to financial planning.