Planning Beginner: Lifestyle Planning

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
What's the first thing to do when planning your lifestyle?
Choose wisely. There is only one correct answer.
Figure out your dreams, desires, and goals. These should be the basis for adding in the financial component to your lifestyle.
2.
Setting a time frame is key to achieving your financial goals because it determines how you will allocate your money toward them.
Choose wisely. There is only one correct answer.
True. Setting a time frame helps you save money in advance for your goals.
3.
A lifestyle financial plan is based on making money.
Choose wisely. There is only one correct answer.
False. A lifestyle financial plan is based on maximizing happiness, not money. Money is part of how the happiness is attained.
4.
Having children close together in age versus further apart may provide an economy of scale.
Choose wisely. There is only one correct answer.
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.
5.
When choosing housing on a budget, all are important considerations except _______.
Choose wisely. There is only one correct answer.
Prestige. While prestige might be important for social reasons (keeping up with the Joneses), it is less important for budgetary concerns.