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Planning Beginner: Lifestyle Planning

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1.
Housing expenses generally consume what percentage of your income?
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25-40%. Housing will be your largest expense, consuming about 25-40% of your income.
2.
Lifestyle planning focuses on _______.
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Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.
3.
Setting a time frame is key to achieving your financial goals because it determines how you will allocate your money toward them.
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True. Setting a time frame helps you save money in advance for your goals.
4.
In order for your personal financial plan to succeed, your life goals _______.
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Should be allowed some flexibility. A good lifestyle financial plan allows your goals to change and keeps up with them.
5.
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.