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What is meant by the term financial planning?

A. Long-term goals are reached over an extended period of time, so your current income does not affect them.
B. It is creating a road map of everything you do with your money.
C. It is hoping you will have enough money to pay all your bills on time.
D. If your income exceeds your expenses, you will be able to save money for the future.

Please select the best answer from the choices provided.



Answer :

GinnyAnswer

Final answer:

Financial planning involves creating a strategic financial roadmap to achieve goals through budgeting and long-term planning.


Explanation:

Financial planning is the process of creating a road map detailing how you will manage your money to achieve your short-term and long-term goals. It involves setting specific objectives, evaluating your current financial situation, planning how to reach your goals, implementing those plans, and monitoring your progress.

Long-term goals, such as saving for retirement or buying a house, require careful financial planning to ensure success over an extended period. A key aspect of financial planning is budgeting, which helps individuals allocate their income towards expenses, savings, and investments in a structured manner.


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