BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The first step you should take when it comes to saving and investing is:
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Build up an emergency fund of either $500 or $1, 000 depending on your income.
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Pay off any and all debt you have from loans, credit cards, family, etc.
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Build wealth by investing 15% of all income you earn.
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Go to college and major in something that pays really well.
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Explanation:
Detailed explanation-1: -An emergency fund is a cash reserve that’s specifically set aside for unplanned expenses or financial emergencies. Some common examples include car repairs, home repairs, medical bills, or a loss of income.
Detailed explanation-2: -Savings should come first. Before investing, try to make sure you have a separate low-risk, low-return account you can use to cover expenses during an unforeseen event-typically at least three to six months worth of living expenses.
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