ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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net worth
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money management
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budget variance
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earned income
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Detailed explanation-1: -Simply put, the earlier you start saving, the more interest your savings will get over time. With the power of compounding, you get interest not only on your savings but also on the returns earned every year. Thus, saving early helps to generate more money with the power of compounding over time.
Detailed explanation-2: -What is the 50/30/20 Rule of Budgeting? The 50/30/20 rule of budgeting is a simple method that helps you manage your money more effectively. This basic thumb rule is to divide your post-tax income into three spending categories – 50% for needs, 30% for wants, and 20% for savings.
Detailed explanation-3: -When you start managing your finances, you’ll have a better perspective of where and how you’re spending your money. This can help you keep within your budget, and even increase your savings. With good personal finance management, you’ll also learn to control your money so you can achieve your financial goals.
Detailed explanation-4: -Make a personal budget. Track your spending. Save for retirement. Save for emergencies. Plan to pay off debt. Establish good credit habits. Improve your money mindset.
Detailed explanation-5: -Your Financial Plan Should Be Unique To You. Intelligently Invest For The Long Term. Diversify, Diversify, Diversify. Set Realistic Goals. Plan Professionally For Your Future. 04-Apr-2022