Personal Finance UNIT 3

each action you might take in reaching your goal has risks or costs true
what is the first step in financial plannning analyzing the current situation
should financial plans be revised regularly yes
personal financial planning is the process of creating and achieving financial goals true
what is inflation risk the price of an item rising or falling
interest rate risks would be most relevant to what purchaseairline ticketsa housea sweaterpatio furniture a house
there are two means for achieving financial goals– you either need to increase your savings or reduce your spending true
shared decision making is always a positive strategy to take false
what is NOT one of the three primary resources that families have to reach financial goalstime money educationenergy education
what is an amount of money multiplied by the interest rate and the amount of time that the money will be earning interest future value
what is the final step in personal financial planning reviewing and revising goals
experts recommend that you revisit your financial goals about how often a few times a year
while individuals make goals and strategies based on their current income, few individuals have guarantees that their income will stay the same. this is called income risks
when we borrow money in the form of a loan or save money, interest rates will affect these activities. this is called interest rate risks
individuals may encounter situation due to health safety and so on that can create challenges to meeting personal financial goals. this is called personal risks

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