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Questions and Answers

What is the primary strategy recommended for starting to build wealth?

Spend no more than 80% of your earnings and save the rest (correct)

Invest in high-risk, high-return financial instruments

Gamble and bet on number games to quickly accumulate wealth

Take out loans and go into debt to fund investments

Which of the following is NOT recommended in the text as a way to control expenditures?

Take out loans to fund desired purchases (correct)

Limit desires and wants

Make a budget and shopping list

Avoid impulse buying and vices

What is suggested as the best way to make your money multiply, according to the text?

Start a business with your savings (correct)

Purchase lottery tickets frequently

Invest in high-yield bonds

Engage in day trading of stocks

Which investment strategy is warned against in the text?

Investing in schemes promising easy money and big dividends Signup and view all the answers

What is highlighted as a key benefit of investing in cooperatives?

Earnings are tax-free Signup and view all the answers

Which of the following is NOT recommended as a financial strategy?

Borrowing or availing loans for non-productive or non-entrepreneurial purposes Signup and view all the answers

What is the purpose of making an inventory of one's monies and investments, according to the text?

To make comparisons, analyze performance, and potentially create a cash flow statement Signup and view all the answers

What is the rationale behind donating and sharing with communities and churches?

It is considered a good luck charm that will bring financial prosperity Signup and view all the answers

What principle does the text emphasize regarding spending habits?

Spend only what you can earn, as spending more than you earn is a dangerous setup Signup and view all the answers

Which of the following strategies is NOT recommended in the text?

Gambling, even if enticed by peers or envious of others' wins Signup and view all the answers