This report discusses the concept of personal and professional development, the value of short term, medium term and long term goals, and the significance of Personal Development Plan for the individual. Short term goals boost motivation, provide clear direction and measurable success. Medium term goals act as mediator and are flexible in nature. Long term goals give focus and purpose to life. Personal Development Plan aids in sharpening existing skills, learning new skills and personality development. The report includes examples of short term, medium term and long term goals with identified strategies and time duration.