Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?

Question

Business

Skyler Dillon

30 January, 12:10

Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal?

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Answers (2)

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Janae Gray · Answer 1

Buying a home could be a financial goal. The risk and costs associated with this goal depend on how its purchased and time. If the home is financed with a loan the cost and risks increase over the long term

Jeremiah Ali · Answer 2

Set a personal savings goal for myself

Explanation:

Financial goals are monetary targets or objectives to be achieved in the future. The setting of a financial goal or target means identifying what is to be done in monetary terms in the future and taking necessary steps to achieve them.

The costs or risks associated with setting a personal savings goals is the possibility of having inflation in the future that will reduce the value of the savings. The other cost is the opportunity forgone, which is the current consumption that must be sacrificed in order to achieve the target.