What is a financial goal?

A financial goal is defined as a specific objective related to the management of money that an individual aims to achieve. This distinction is crucial because financial goals are not just vague concepts; they must be clear and measurable targets that guide an individual's financial planning and decision-making.

For instance, a financial goal could involve saving a certain amount for retirement, purchasing a house, or creating an emergency fund. Each of these examples represents a concrete aim, providing a sense of direction and purpose when managing finances.

In contrast to this correct answer, the other options do not capture the essence of a financial goal effectively. The abstract nature of one choice does not provide the necessary specificity or clarity. Another choice hints at merely having a certain amount of money in a bank, which is more a reflection of savings rather than a goal-directed approach. Lastly, an investment strategy is a broader idea regarding how to grow wealth but does not embody the concept of a personal financial target that one seeks to reach.