What are the most important 3 Types of Financial Goals in Islamic finance?
Types of Financial Goals:
There are three types:
– Short-term goals
– Mid-term goals
– Long-term goals
Short term goal is the type of goal which takes less than a year to achieve. They can be travelling to some destination, buying some stuff or paying off a specific debt.
Mid-term financial goals are aims that you cannot achieve right away. However, they should not take too many years to accomplish. They are a little bit more expensive than your everyday goals, but they are still achievable with hard work and discipline. Examples may include graduating from college, paying off the auto loan.
- Long-term goals.
Long-term goals usually take more than five years to achieve. This is the reason why they require longer commitments and more money. Saving for retirement, striving for homeownership, saving for a child’s college education can be your long-term goals.