Glossary

1035 Exchange

A method of exchanging insurance-related assets without triggering a taxable event. Cash-value life insurance policies and annuity contracts are two products that may qualify for a 1035 exchange.

401(k) Plan

A qualified retirement plan available to eligible employees of companies. 401(k) plans allow eligible employees to defer taxation on a specific percentage of their income that is to be put toward retirement savings; taxes on this deferred income and on any earnings the account generates are deferred until the funds are withdrawn—normally in retirement. Employers may match part or all of an employee’s contributions. Employees may be responsible for investment selections and enjoy the direct tax savings.

401(k) Loan

A loan taken from the assets within a 401(k) account. 401(k) loans charge interest and are normally paid back through payroll deductions. If the borrower leaves an employer before a 401(k) loan has been repaid, the full amount of the loan is generally due. If the borrower fails to repay the loan, it is considered a distribution, and ordinary income taxes may be due, along with any applicable tax penalties.

403(b) Plan

A 403(b) plan is similar to a 401(k). A 403(b) is a qualified retirement plan available to employees of non-profit and government organizations.

Short term goal is that which you desire to do in the near future. The near future could be today, this week, this month, or even this year. A short term goal is that which you want to achieve soon while the goals which take a long time to accomplish are called long term goals.

Short term planning looks at the distinctiveness of the company in the present and develops strategies for improving them. Examples of short term financial planning are the talents of the employees and their attitudes. The condition of production tools or product quality problems is also short term concerns.

Short term planning calculates your development in the present and makes an accomplishment plan to improve performance daily. Though, long term planning is an inclusive framework which consists of goals to be met within a four to five year of time period.

Short term goal example: Short term goals may include the purchase of household furniture, slight home improvements, saving for a car down payment, etc. But such short term goals fluctuates from day to day household expenses. Short term investment plan is the one that could be achieved in one to two years.

How long is short term planning?

Short term financial planning generally involves processes that show results within a year. Mainly companies intend a medium term plan that takes many years to accomplish while long term plans comprise the overall goals of the company set four or five years in the future and typically are based on attainment the medium term targets.

Short term financial planning will help the businesses to meet long term objectives, making them an important element of any business decision. For example, a company’s long term planning is to twofold its customer base.

Short term objectives

Short term objectives are precise activities that must be completed to meet short term goals. Short term goals in returns help to meet long term targets. Precise short term goals should be written in clear, plain and defined language. They must be adequately precise to be attainable within a limited time frame.

My goals

Your goal should be in a written form so that you can see it visually. To see your goal in written form daily is very important because it will recall your goal when you see it. You’re more likely to be productive if you can see what you have to do, instead of just thinking about it.
If your short term goal is to learn new skills, for example, your long term goal might be to attain an executive position that allows you to lead a team. Focus on guiding yourself toward the future you envision. You should keep your answers honest, but let the company and position guide you. You can also get help from a financial advisor in Birmingham Alabama at legacyal.com

Short Term Goals to Improve Your Career Today

Short term career goals can improve your career prospects by helping you define your objectives for a certain period of time. Regardless of your line of work and rank within an organization, setting realistic milestones for the foreseeable future is likely to make you more productive. Setting up short term goals for work is an important step, but it takes commitment and dedication to accomplish them. In this article, we discuss the multiple types of short term planning for work and why they are important for career development.

Why are short term goals for work important?

Short term career goals are generally small objectives that you set for yourself with the ultimate purpose of achieving your long term career goals. Aside from dividing a complex objective into several smaller ones and making it more achievable, short term planning also keep you motivated on your way to long term success. Creating smaller milestones means that you are always focused on your next target.

Types of short term goals for work

There are different kinds of short term goals for work that can directly or indirectly improve your career prospects. They can be:

  • Career short term goals
  • Financial short term goals
  • Academic short term goals
  • Health short term goals

Career short term goals

These goals will have a direct positive impact on your professional life and generally consist of small changes and adjustments that help you be more productive. They can be as basic as making sure you get in 10 minutes early every day or keeping a clean and well-organized desk. Other direct short term goals for work can be learning to communicate better with coworkers and customers, networking more or earning an additional professional specialization.

Financial short term goals

Although not necessarily linked to work goals, setting short term financial planning are likely to improve your long term professional outlook by giving you greater control over your income. Goals such as reducing or eliminating credit card debt, depositing a certain percentage of your monthly income into a savings account, keeping better track of your budget or learning how to spend can composite into long term achievements.

Academic short term goals

Improving your education can lead to many personal and professional improvements. From a career standpoint, academic achievements can lead to new opportunities that can help you achieve your long term goals for work. Deciding to take on a work-relevant course and setting up mini-milestones that will help you keep track of your progress is likely to improve your professional long term prospects.

Health short term goals

Being healthy and energetic is usually a very important factor in professional success. Therefore improving your overall health and fitness can be a significant goal for both your personal and professional lives. Simply committing to regularly going to a gym, sleeping more or reducing unhealthy foods from your diet can give you the energy and confidence you need to achieve your long term goals.