Explain why it is important to set realistically attainable financial goals. Select one of your personal financial goals and develop a brief financial plan for achieving it.
Answer to relevant QuestionsDistinguish between long-term, intermediate, and short-term financial goals. Give examples of each.Discuss briefly how the following situations affect personal financial planning:a. Being part of a dual-income coupleb. Major life changes, such as marriage or divorcec. Death of a spouseAre consumption patterns related to quality of life? Explain.What is the balance sheet equation? Explain when a family may be viewed as technically insolvent.Describe the cash budget and its three parts. How does a budget deficit differ from a budget surplus?
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