Life goals can be broadly classified in two categories.
- Short-term goal (within 5 years)
- Long-term goal (more than 5 years)
Some examples of short-term goals are family holiday abroad in 3 years, down payment for home loan in 5 years, renovation in 2 years and many more
Long term goals also known as non-negotiable goals are children’s higher education expenses, children’s marriage expenses and retirement corpus.