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Planning Beginner: Lifestyle Planning

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1.
Which of the following is not an expense associated with raising a family?
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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.
2.
The lifestyle financial plan is how you will acquire wealth over your lifetime.
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False. The lifestyle financial plan is how you will acquire the money necessary for each of your goals.
3.
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.
4.
A lifestyle financial plan is based on making money.
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False. A lifestyle financial plan is based on maximizing happiness, not money. Money is part of how the happiness is attained.
5.
In order for your personal financial plan to succeed, your life goals need to stay the same.
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False. A good lifestyle financial plan allows your goals to change and keeps up with them.