From the course: Developing Investment Acumen
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Track progress vs. goals
- If you're trying to grow your savings, you need to make sure that you're on target to reach your goals. Here's some ways to help you do this. First of all, make sure you know what your goals are. Let's start with your short-term goals. These should be all about your most pressing issues like saving for a deposit on a house for example. These should have a specific dollar amount attached to them. For this, focus on increasing the money you have in your investment accounts, and keep track of the change in account value line in your investment accounts. This growth will come from a combination of cash that you put into the account and gains that you have made on your investments. When you hit your target, celebrate and start the process again with a new goal. Your medium-term goals should be geared towards bigger-picture wealth targets. This is where you need to go through all your financial statements and start keeping track of all your cash, investments, and assets. If, for example…
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