Tips for Becoming Richer

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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?

<p>Investing in schemes promising easy money and big dividends (C)</p> Signup and view all the answers

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

<p>Earnings are tax-free (C)</p> Signup and view all the answers

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

<p>Borrowing or availing loans for non-productive or non-entrepreneurial purposes (A)</p> Signup and view all the answers

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

<p>To make comparisons, analyze performance, and potentially create a cash flow statement (A)</p> Signup and view all the answers

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

<p>It is considered a good luck charm that will bring financial prosperity (C)</p> Signup and view all the answers

What principle does the text emphasize regarding spending habits?

<p>Spend only what you can earn, as spending more than you earn is a dangerous setup (B)</p> Signup and view all the answers

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

<p>Gambling, even if enticed by peers or envious of others' wins (D)</p> Signup and view all the answers

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