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Planning Beginner: Lifestyle Planning

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1.
When choosing housing on a budget, all are important considerations except _______.
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Prestige. While prestige might be important for social reasons (keeping up with the Joneses), it is less important for budgetary concerns.
2.
When planning your financial lifestyle, you should begin by taking stock of your life's goals.
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True. Your goals, along with your needs, dreams, and personal strengths, are a good starting point.
3.
Having children close together in age versus further apart may provide an economy of scale.
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True. Having children close in age may be economical due to sharing of clothes and toys as well as increasing financial aid eligibility for education.
4.
Lifestyle planning focuses on _______.
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Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.
5.
"Keeping up with the Joneses" refers to _______.
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Achieving someone else's goals. Keeping up with the Joneses refers to trying to achieve someone else's goals rather than your own.