ECONOMICS

Detailed explanation-1: -Grade average. Q. Which of the following factors is not influenced by values? An individual’s choice of friends.

Detailed explanation-2: -The time value of money means that a sum of money is worth more now than the same sum of money in the future. The principle of the time value of money means that it can grow only through investing so a delayed investment is a lost opportunity.

Detailed explanation-3: -Set financial goals: So, plan what you want to do with your money in the short as well as long term. In order to achieve your long-term financial goals like your dream house, your child’s education, retirement and much more you must start investing in financial products.

Detailed explanation-4: -Financial planning is a step-by-step approach to meet one’s life goals. A financial plan acts as a guide as you go through life’s journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.

Detailed explanation-5: -Personal finance is about meeting your personal financial goals. These goals could be anything-having enough for short-term financial needs, planning for retirement, or saving for your child’s college education.