32 CHAPTER Check Your Financial Literacy IQ Before you begin the chapter, see what you already know about financial literacy by taking the chapter pretest. If you do not have a smartphone, visit the G-W Learning companion website. G-W Learning companion website: www.g-wlearning.com Personal Financial Planning The first step toward a plan for financial security is the establishment of financial goals. Determining short-term and long-term financial goals can help you create a budget to keep your earnings and spending on target. Learning to follow a budget can bring you personal and financial satisfaction. When you enter the adult world, your money management needs will grow. Many independent young adults face new financial responsibilities. Developing the skills to handle them now will pay off in the future. Keep in mind that even with the most competent money management practices, you may face financial difficulties in the future. It is important to know how to prepare for possible problems and to deal with a financial crisis should the need arise. Focus on Finance Budgets Where do you want to be financially in ten years? Can you see yourself owning a car and living in your own house? Will you have a great career and be on your way to financial security? In order to meet your goals, you will need to learn how to manage your personal finances. Budgeting is one way to get started on the path to financial independence. Budgeting can help you: stay out of debt pay your bills on time create a savings account finance your education and buy a car. Start budgeting today in order to have the future you want tomorrow. 2
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