ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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investing money in high-risk securities.
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obtaining several credit cards.
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saving money for unexpected situations.
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setting broad financial goals.
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Detailed explanation-1: -A critical aspect of financial planning is understanding your income and expenses. This involves tracking your income sources (such as salary, investments, and rental income) as well as all of your expenses (including rent, groceries, entertainment, etc.).
Detailed explanation-2: -The main elements of a financial plan include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan.
Detailed explanation-3: -Family Structure. Marital status and dependents, such as children, parents, or siblings, determine whether you are planning only for yourself or for others as well. Health. Career Choice.
Detailed explanation-4: -Analyze your current position. Getting an accurate picture of your present financial situation will guide the rest of the planning process. Plan for retirement. Financial protection. Investing. Taxes. Estate planning.