Planning : Financial

What do YOU think is the difference between saving and investing?

(Again , this is based on your understanding of the two. But it must stay true to the facts in the lesson.) Saving is when you are putting money into a savings account so that the money will build up and possibly get interest. The interest for the savings account will get you more money. Investing money is the riskier of the two. You can loose all of your money or you can earn even more money. Investing would be risking your money for a chance to get even more money , while saving is safely placing your money aside and slowly earning more money. (This is rephrased from my answer , so is possible to copy word for word , or even make it shorter!)

What would you save for?

(Just talk about what you would save money for. Think about bigger goals , like college , jobs , house , car , spending money on something large that requires years of savings. I honestly do not if saying you would save money to buy a new game would be marked as correct. I think the teacher is wanting you to aim for a bigger picture , like the things I listed early.)

Explain briefly why a financial plan is important.

(This is simply what I put and it was marked correct. Do not phrase word for word , at least put why you think it is important since it is based on what you learned , not what others learned.) A financial plan is important because it can help you secure your money. It also important because certain investments can actually make you more money by saving or by risking it.

Why do YOU think it's important to plan expenditures carefully?

(This question is based on your opinion , but make sure your opinion is correct with the facts given in the lesson.) It is important to plan expenditures carefully because you do not need to over spend money or spend money that you do not have. (This is what I wrote and was marked correct , if you cannot find anything in the website links in the lesson , feel free to rephrase it , but do not phrase word for word. This is because some teachers actually check to see if you just retyped an answer online.)

Financial planning does/does not require preparation.

Does

Is it true or false that College education for children and retirement are two major goals that require the financial planning.

True

Is it true or false that When God blesses us with financial riches, we should know how to handle them.

True

Is it true or false that a savings account is generally considered to be like cash.

True

Is it true or false that in order to make a financial plan, one needs to understand your income , savings , expenses , and obligations.

True

Is it true or false that there are often fees that are associated with investments that reduce the return you actually have.

True