Set personal financial goals carefully and realistically. Each goal should be clearly defined and have a priority, time frame, and cost estimate. For example, a college seniors short-term goal in 2022 might include earning a masters degree at a cost of $60,000 by 2023, and his or her medium-term goal might be to buy a condominium at a cost of $350,000 by 2027. The long-term goal could be to retire with savings of $5,000,000 by 2064.

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