ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which statement best reflects the philosophy of “pay yourself first”?
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An individual should save whatever money is left over after paying monthly bills.
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An individual should pay all fixed expenses before paying flexible expenses.
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An individual should set aside a predetermined amount of money for saving before using any of that money for spending.
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An individual should spend money on the items and activities enjoyed in life before paying any other expenses.
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Explanation:
Detailed explanation-1: -Q. Which statement best reflects the philosophy of “pay yourself first”? An individual should save whatever money is left over after paying monthly bills.
Detailed explanation-2: -When you pay yourself first, you pay yourself (usually via automatic savings) before you do any other spending. In other words, you are prioritizing your long-term financial well-being.
Detailed explanation-3: -Which best explains the statement, “Pay yourself first"? Always save or invest money before spending money.
Detailed explanation-4: -Which statement best reflects the philosophy of “pay yourself first"? Invest as long as possible and at the highest interest rate possible.
There is 1 question to complete.