Choose wisely. There is only one correct answer to each question.
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1.
In order for your personal financial plan to succeed, your life goals _______.
Should be allowed some flexibility. A good lifestyle financial plan allows your goals to change and keeps up with them.
2.
It is _______ more financially advantageous to buy a home than to rent one.
Often. It is normally only more financially advantageous if you are able to build equity. In some cases, it makes more financial sense to rent.
3.
In order for your personal financial plan to succeed, your life goals need to stay the same.
False. A good lifestyle financial plan allows your goals to change and keeps up with them.
4.
Which of the following is not an expense associated with raising a family?
All of the above are expenses associated with raising a family. Children are expensive and require increased expenses for housing, medical, food, clothing, and all other costs in a budget.
5.
Lifestyle planning focuses on _______.
Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.