ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taking an inventory of personal assets
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Saving a specific amount of money to retire in 10 years
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Reviewing various health insurance options and comparing costs
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Obtaining a credit card for emergencies
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Detailed explanation-1: -Examples would be paying off credit cards or loans and saving for down payment on a house. Long-term goals. These take much longer than five years to reach. They are things like paying off a mortgage or student loans and funding a retirement plan.
Detailed explanation-2: -Hence, buying a computer is the correct answer to this.
Detailed explanation-3: -Since higher earners will get a smaller portion of their income in retirement from Social Security, they generally need more assets in relation to their income. We estimated that most people looking to retire around age 65 should aim for assets totaling between seven and 13½ times their preretirement gross income.
Detailed explanation-4: -List and prioritize your financial goals. Take care of the financial basics. Connect each financial goal to a deeper motivation. Make a financial plan to reach your financial goals. Revisit your financial goals regularly.