Financial Planning Courses: Lifestyle Planning/Setting Financial Goals

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1.
When you are young and just starting out, it is wiser to spend your money on _______.
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Needs. Needs tend to be less expensive. Wants tend to be more luxurious and are perhaps best purchased when you are more settled.
2.
Most financial planners and advisers recommend that we break our financial goals into what types?
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Short, intermediate, and long-term. Although the other options are worth considering and should fit into our financial planning anyway, the primary ones should be short, intermediate, and long-term.
3.
Ideally, when it comes to taking out student loans, you want to borrow _______.
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As little as possible. Student loan money must be paid back with interest, so ideally you want to borrow as little as possible.
4.
The amount you should consider keeping in an emergency fund should cover _______.
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3-6 months of expenses. This is a good rule of thumb. If you lost your job this would give you an opportunity to find a new job and ensure you could cover your living expenses for 3-6 months.
5.
What is one reason why it is helpful to understand your personal values in financial planning?
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Values help predict your future financial behavior.