Should I Save for Vacation or Pay Off Small Debts?

B

The answer to the question is B. short-term goals.

Short-term goals are defined as objectives that can be achieved within a year or less. Saving for a vacation next summer or paying off small debts are both examples of short-term goals. These types of goals are typically smaller and more immediate than long-term goals, which might involve retirement planning, buying a house, or starting a business.

Opportunity planning refers to the process of identifying and pursuing opportunities to improve one's financial situation. This might involve investing in stocks, starting a business, or pursuing higher education to increase earning potential. It is not directly related to saving for a vacation or paying off small debts.

Long-term goals, on the other hand, are objectives that take longer than a year to achieve. These goals require more planning and discipline than short-term goals and often involve significant financial investments, such as saving for retirement, buying a home, or funding a child's education.

Opportunity results refer to the outcomes or benefits that result from pursuing an opportunity. For example, investing in stocks might result in increased wealth over time, while pursuing higher education might result in a higher-paying job. This concept is not directly related to saving for a vacation or paying off small debts.

In summary, saving for a vacation next summer or paying off small debts are both examples of short-term goals, which are objectives that can be achieved within a year or less.