Choose wisely. There is only one correct answer to each question.
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1.
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.
2.
The lifestyle financial plan is how you will acquire wealth over your lifetime.
False. The lifestyle financial plan is how you will acquire the money necessary for each of your goals.
3.
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.
4.
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.
5.
Which of the following would be a "lifestyle planning" goal?
All of the above are lifestyle goals. The types of things people typically save money for haven't changed, but the way they look at them has.