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Building My Future - Coggle Diagram
Building My Future
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Savings
Saving money means storing it safely so that it is available when we need it and it has a low risk of losing value.
Investment comes with risk, but also the potential for higher returns.
Investing typically often comes with a longer-term horizon, such as for children's college funds or one's retirement.
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Pros & Cons
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Pros:
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Funds short-term goals like buying groceries, a new phone, or going on a vacation.
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Investments
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Cons:
Risk of loss, especially in the short-run
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Investment analysis involves researching and evaluating a security or an industry to predict its future performance and determine its suitability to a specific investor.
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Types of investment analysis include bottom-up, top-down, fundamental, and technical.
S.M.A.R.T Goals
Specific: Your goal has to be specific, not generic or vague.
Measurable: Make your financial goal measurable by quantifying it so you can evaluate your progress and overall success.
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Realistic: When setting the goal, assess the steps you plan to take to achieve the goal.
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