Financial goals and the key deliberations in financial planning

Financial goals are generally split into short, medium and long term in addition to an emergency
fund to meet critical financial requirements. For simplicity, let’s consider short-term goals as
those that need to be met in the next couple of years, such as purchasing a new car, going on a
vacation and so on; medium- term goals are planned with a 5-7 year horizon and usually comprise
of investing in property, meeting higher education costs of kids etc. and anything beyond that is considered to be a long- term financial goal such as saving for the wedding expenses of children and life after retirement etc.