Question: How are wants different from needs? What are some wants that you have? How do financial resources limit a person's spending choices? What is discretionary

  1. How are wants different from needs? What are some wants that you have?
  2. How do financial resources limit a person's spending choices?
  3. What is discretionary income? How does it affect your spending?
  4. Explain how income is different from wealth.
  5. What is the benefit of comparing monthly cash flow and net worth statements over time?
  6. How is net cash flow calculated?
  7. What are liabilities? Give two examples.
  8. How is your net worth calculated?
  9. Besides the dollar cost, what other costs should you consider when comparing alternative solutions to a problem or goal?
  10. List some strategies you can use to make good financial choices.

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