Step 1: Save Instead of Spend

According to the text, what is necessary to achieve financial independence?

• Spending all your money

• Saving and investing some of your money

• Not saving any money

• Spending more than you save

How much money do you need to accumulate by age 65 to get a $1 million payoff?

• $100,000

• $200,000

• $300,000

• $400,000

If you start saving at age 21, how much should you save monthly to achieve $300,000 by age 65 and the $1,000,000 goal?

• $50

• $62

• $75

• $86

What is the impact of the advice in Small Step #1 according to the text?

• It is the least impactful

• It is moderately impactful

• It is the most impactful

• It has no impact

What is the key to enjoying life while saving, according to the text?

• Save all your money

• Spend all your money

• Save some and spend some

• Only invest in stocks

What opportunity do young people have regarding their savings?

• Access to high-interest savings accounts

• Ability to compound savings over long periods

• Government grants for savings

• Tax-free savings options

What does "live below your means" imply?

• Spend more than you earn

• Spend less than you earn

• Spend exactly what you earn

• Borrow money to spend

What is necessary to get to "first base" as an investor?

• Spend all your earnings

• Delay some gratification by saving

• Invest in real estate

• Take financial risks

What support is available if you don't see a way forward in saving?

• Paid financial advisors

• Free help without conflict of interest

• Government subsidies

• Online courses

What does "FI" in ChooseFI stand for?

• Financial Investment

• Fiscal Independence

• Financial Independence

• Financial Insight