Different people and cultures believe different things for the answer to this question. The meaning of life as we perceive it is derived from philosophical and religious contemplation of, and scientific inquiries about existence, social ties, consciousness, and happiness.
A long-term financial plan should include these elements. Time Horizon. A plan should look at least  five to ten years into the future. Scope. A plan should consider all appropriated funds, but especially those funds that are used to account for the issues of top concern to elected officials and the community. Frequency.
Term means how long you'll have the loan for. The amortization is what your payments will be based on. So, this loan is for 10 years and your payments will be based on a 20-year loan. This results in your monthly payments being less. But at the end of 10 years, when the loan matures, you'll still have a large balance remaining and will need to either pay this off or refinance it. Source(s): 10+ years in banking.