Once you start saving money, what can be your next step toward financial stability?(1 point)

Responses

using it to pay for a vacation
using it to pay for a vacation

loaning it to friends
loaning it to friends

investing it in a wise manner
investing it in a wise manner

using it to pay for a new house

7 answers

investing it in a wise manner

Why is it important to track your income and your expenses?(1 point)

Responses

because knowing whether you can afford your lifestyle or not is the first goal of financial literacy
because knowing whether you can afford your lifestyle or not is the first goal of financial literacy

because knowing whether you can afford your lifestyle or not is the only goal of financial literacy
because knowing whether you can afford your lifestyle or not is the only goal of financial literacy

because you need to by law
because you need to by law

because your income will tell you how much money you can save

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The next step toward financial stability after saving money is to invest it in a wise manner.

The next step toward financial stability, after starting to save money, would be to invest it in a wise manner. Investing your savings allows you to grow your money over time and potentially earn additional income. By investing wisely, you can make your money work for you and build wealth for the long term. There are various investment options available, such as stocks, bonds, mutual funds, real estate, or even starting a small business. It is important to do thorough research and understand the risks associated with each investment option before making any decisions. Consulting with a financial advisor can also be beneficial in guiding you towards the most suitable investment strategies based on your financial goals and risk tolerance.