Financial Planning Courses: Lifestyle Planning/Setting Financial Goals

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1.
Financial _______ occur when you choose to spend money on a want versus a need.
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Tradeoffs. Tradeoffs occur because you forego the opportunity to take care of other financial needs you have when you spend money on wants.
2.
The ability to resist immediate rewards in favor of a greater reward in the future is called _______.
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Delayed gratification. This ability is essential for good financial planning.
3.
A financial goal should be attainable if you have any hope of it coming true. This means that you need to be able to take concrete steps to make it happen.
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True. As opposed to goals that are too expensive or hard to achieve, an attainable goal is one that you can take steps to make happen.
4.
You should consider revising your goals if _______.
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Your income increases or your income decreases. If your income changes at all, you may need to cut the amount you are saving or have the opportunity to save more.
5.
Ideally, when it comes to taking out student loans, you want to borrow _______.
Choose wisely. There is only one correct answer.
As little as possible. Student loan money must be paid back with interest, so ideally you want to borrow as little as possible.