Financial Goals
Lisa is getting married during memorial-day weekend and is excited to start her new life. She has a shared her financial data with you: Monthly income: $2400 Living Expenses: $2200 Savings: $3000 Student Loans: $35000 Credit card debt: $1500 Lisa has many dreams– like buying a new car and going to Hawaii in December. She also wants to pay off her credit card debt and student loans. She wants to buy a house in the next 5-7 years, and eventually start saving for retirement and for her child’s college education. She does not know where to start and you know that she needs to convert her dreams into clearly defined goals. Identify what her short term, intermediate, and long term goals are and explain to her the importance of SMART financial goals in her financial planning process.