Plans are taken to achieve goals. Goals may be either short or long term. Generally, long term goals can take about three to five years to achieve, while short term goals are reachable in a year or so. We set goals only when we plan what we want to accomplish. It could be as simple as cleaning the house or finishing an assignment or as complex as transforming a developing country into a developed one.
A plan needs to be written. A written plan provides a visible objective to work for. An example of a written plan is a family budget. A budget shows where the family is financially, how much the family is currently spending, and how much the family can spend according to the current income. The primary ingredients necessary to develop a plan are goals. Plans are generally divided into short-range plans, and long-range plans. Short-range plans are basically day-to-day occurrences. Long range planning is very important. Everyone has a responsibility to plan well, to have good sound objectives, and to achieve success. There should also be some specific goals developed for the use of surplus funds. We should also be clear about how much should be invested and how much should be set aside for domestic wants? Future income should not be depended upon. It is also important to be moral while achieving the goals. It is necessary to monitor that family is not trapped into anything that is unethical, immoral, or dishonest. In addition, there should be a family contingency plan in the event wealth is lost due to unforeseen disaster.