ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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sinking fund
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wealth building
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Either A or B
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None of the above
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Detailed explanation-1: -Wealth Building is when a person intentionally invests money in a place where it can earn more money. An interest –bearing account is an account that generates interest income on the available balance in the account.
Detailed explanation-2: -The first step is to earn enough money to cover your basic needs, with some left over for saving. The second step is to manage your spending so that you can maximize your savings. The third step is to invest your money in a variety of different assets so that it’s properly diversified for the long haul.
Detailed explanation-3: -Wealth building is the process of generating long-term income through multiple sources. This refers to more than job-based income and instead includes savings, investments, and any income-generating assets.
Detailed explanation-4: -Automate your savings. Revisit your savings once a year. Hike your savings rate. Avoid high fees. Stick with the market. 17-Feb-2023