Question: Please answer carefully Why is it important to prepare a financial budget? Explain what is meant by the term time value of money. For example,

Please answer carefully

Please answer carefully Why is it important to

Why is it important to prepare a financial budget? Explain what is meant by the term "time value of money". For example, why might it be better to receive $8 today, over receiving a promise of $9 seven years from now? How should one consider the time value of money when planning for retirement? Please share examples within your response

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