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Understanding the Impact of Inflation on Savings

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Understanding the Impact of Inflation on Savings

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Questions and Answers

What does Warren Buffett suggest about saving and spending?

Save only when there is excess money

Save what is left after spending

Spend what is left after saving (correct)

Spend before saving

What is the impact of 5% yearly inflation on expenses over 20 years?

₹80,000

₹1,20,000

₹1,00,000 (correct)

₹60,000

Why is investing suggested as a safeguard against inflation?

Inflation erodes the value of savings (correct)

Investing reduces expenses

Investing guarantees high returns

Inflation does not affect investments

What is the practice of assessing one’s current financial situation and drawing a financial plan to reach future life-stage goals called?

<p>Financial Planning</p> Signup and view all the answers

What are the steps involved in financial planning?

<p>Invest accordingly, Define financial goals, Assess current financial situation, Create asset allocation and evaluate risk</p> Signup and view all the answers

Understanding the Impact of Inflation on Savings

Choose a study mode

Podcast

Questions and Answers

What does Warren Buffett suggest about saving and spending?

What is the impact of 5% yearly inflation on expenses over 20 years?

Why is investing suggested as a safeguard against inflation?

What is the practice of assessing one’s current financial situation and drawing a financial plan to reach future life-stage goals called?

What are the steps involved in financial planning?

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