Question

Make an analysis why it is important to spend money relationally on the resources

Answer 1

Answer:

The revenue you receive is aimed at current spending, to planning for the future and to paying off your debt to purchase those assets. The financial decisions that you face are in one of the areas mentioned above and, if taken rationally, you will have a financially settled life

• Financial decision-making is a vital factor in a person's life, because it has the ability to influence many aspects of life; so it is highly important that these decisions are made carefully. Many surveys reveal that individuals are spending a lot of time purchasing consumer & electronic products like mobile phones, fridges, TVs or even clothes and other things. This includes particular attention to our own intent and attitude towards money and the development of proper financial objectives.
• The income received by an individual go to current expenditures, save for the future and pay off the debt that he/she has incurred to purchase some properties. Each of the above-mentioned areas is facing financial decisions and will make sure that one lives a healthy, financially stable life if taken rationally. The next problem is how it can be ensured. And the answer is to make sense. Some of the several items in the current cost list may be referred to as appropriate, while others may be at the individual's discretion. The discretionary items may include things like luxury cars, diamond jewellery etc.
• Rationality is characterised as a state of good sense and good judgement that must be practised in all aspects of life. There is no independent financial judgement, decisions are interdependent. An rise in one financial cost may mean a decrease. The effect could be immediate or it could take some time to explain. Thus, logic is very necessary and all financial targets are held in mind when a financial decision is made.
• Financial planning is a strategy that can give the whole financial decision-making process a sense of purpose. It supports an analytical approach that is clearly established in the management of the person's finances.

Answer 2

Explanation:

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