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Personal Finance and Wealth Management Principles

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Personal Finance and Wealth Management Principles

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Questions and Answers

What is the main reason for not spending more than you can earn?

It's a method to avoid debt

It's a moral principle

It's a way to save for investments

It's a simple mathematical concept (correct)

What is the recommended approach to managing loans?

Borrowing for any purpose

Borrowing only for emergencies

Avoiding loans altogether

Borrowing strictly for productive and entrepreneurial purposes (correct)

What is the benefit of investing in various forms of credit union programs?

It reduces the liquidity of funds

It increases the risk of investment

It helps in diversifying investments (correct)

It provides a guaranteed high return on investment

What is the purpose of making an inventory of one's monies and investments?

To update and analyze financial progress Signup and view all the answers

What is the concept of living on interest (LOI)?

Spending interest income and letting the principal stay Signup and view all the answers

Why is donating to communities and church considered a good luck charm?

It's an indicator of financial capability and independence Signup and view all the answers

What is the primary reason for not gambling?

It can lead to financial instability Signup and view all the answers

What is the recommended approach to managing unwanted properties or gadgets?

Selling or giving them away to others who may need them Signup and view all the answers

Why is buying insurance considered practical and advisable?

It's a way to protect against unforeseen events Signup and view all the answers

What is the main benefit of opening savings accounts for family members and enrolling them in credit unions?

It helps in teaching financial literacy Signup and view all the answers