There are four steps in solving one's personal financial challenges:
1. considering opportunity costs
2. assessing risks and returns
3. setting short- and long-term goals
4. assessing needs and wants
Which of these is the correct order of these steps?
A. 2, 1, 3, 4
B. 1, 2, 3, 4
C. 4, 1, 2, 3
D. 4, 2, 3, 1
Answer (2)
The correct order to solve personal financial challenges is to first assess needs and wants, followed by considering opportunity costs, assessing risks and returns, and finally setting short- and long-term goals. This systematic approach helps prioritize financial decisions effectively. Thus, the answer is 4, 1, 2, 3. ;
The correct order for solving personal financial challenges is to assess needs and wants first, followed by considering opportunity costs, assessing risks and returns, and finally, setting goals. Hence, the answer is 4, 1, 2, 3.
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