Final answer:
Short-term financial goals are action steps contributing to long-term objectives, differing from long-term goals that require more sustained effort and time.
Explanation:
Short-term financial goals differ from long-term financial goals in various ways:
- Short-term goals are action steps that take less time to complete than long-term goals but contribute to achieving long-term objectives.
- Long-term goals require more time and sustained effort and often involve major milestones like retirement planning or buying a house.
- Setting SMART goals helps in managing both short and long-term financial objectives effectively.
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