Susan Campbell
speaker
101 appearances
1 recordings
1 series
first heard Jan 2020
last heard Jan 2020
Susan Campbell’s voice in public audio — every appearance, attributed to the second.
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Appearances
So when you're getting your goals together, you want to break them down into short-term, medium and long-term goals because the strategy you're going to put together to get to those goals is going to look very different.
Now, Owen and I usually talk about short-term goals as in really immediate things in the next year or so.
You might be saving up for a computer and you don't want to use a credit card.
to pay it.
You might need a new phone, you want to go on a holiday, you want to take a short course, you want to take a few months off work.
These sort of things you want to be saving for, we recommend as a rule in cash because you want to access that money in the next year or two.
You don't want to put it in the market at risk and you want to focus on it
Very soon.
And then you've got an intermediate goal.
So your plan, that could be anywhere from five, maybe ten years.
So that could be something longer like paying off a large debt that you have, saving up for an overseas holiday, building an emergency fund.
And that's the sort of goal that you might think about investing for.
And then long-term goals, yours might be buying a house in five to ten years, or saving to be financially independent, or trying to get your super on track for retirement.
And then that's a completely different thinking again, because the way you think for a short-term goal has got to be different from a long-term goal, and you've got to have a different plan to get there.
So I'll talk about that next.
But I also recommend only having three goals at once because if you're saving, trying to save for a holiday and a computer and a new car all at once, it's going to become very difficult.
You're going to be splitting your money into so many different bank accounts and you'll make very slow progress.
So I usually recommend just focusing on one short-term, one medium-term and one long-term goal and putting your effort into that.
so coming up with an action plan so once you've worked out your three goals how are you going to achieve these goals and you might decide i want to say for a trip to japan next year i want five thousand dollars i'm going to put two thousand dollars aside from every paycheck each month into a separate bank account and there i go i've got the money but when it comes to medium and long-term goals you might come up with a completely different strategy so
you might start to think about investing in exchange traded funds or shares, managed funds, property.
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