The Reds beat Stoke City on Tuesday to reach the Capital One Cup final.
The Reds are guaranteed at least one visit to Wembley this season, having managed to overcome Stoke City in the Capital One Cup semi final on Tuesday to secure a place in the final in February.
They have also progressed in the FA Cup and are through to the latter stages of the Europa League this season as well.
Their hopes of reaching the Champions League are not as hopeful though, with them currently sitting eight points behind Tottenham Hotspur in fourth.
And Carragher has urged them to focus on winning those trophies rather than finishing in the top four as that is what Liverpool are about as a club.
“People talk about the top four now, every club is the same because unfortunately football has become about money” he said, quoted by the Daily Mail.
“But Liverpool got in the Champions League under Brendan Rodgers, and then the next season went out, it’s a waste of time.”
“Get trophies; get a medal, that’s what you remember. That’s what Liverpool is about. No trophy in nine or ten years is not good enough.”
Focusing on trophies would certainly be a wise move from Liverpool this season, with the Champions League looking harder to attain.
It was often labelled at his predecessor Brendan Rodgers that he failed to win a trophy, and the FA Cup exit to Aston Villa was arguably one of the more disappointing periods of his reign.
The cup competitions are very much within their grasp this season though, and winning at least one would continue to buy Klopp more time to turn things around at Anfield.