What is the recommended percentage of monthly income that girls should aim to save for retirement?

5% 10% 15% 20%

What type of retirement account is specifically mentioned as a good option for saving?

401(k) Roth IRA Traditional IRA Both Roth IRA and Traditional IRA

What is the minimum recommended size of an emergency fund in terms of months' worth of living expenses?

1 month 2 months 3 months 6 months

Why is it important for girls to have their own bank accounts?

To avoid relying on others for financial management To avoid unnecessary fees or taxes To save for future expenses All of the above

What is the primary benefit of setting up a budget?

To restrict spending on unnecessary items To track income and expenses effectively To allocate funds for savings, investments, and unexpected expenses To ensure all bills are paid on time

What type of investment strategy is recommended for growing wealth?

Investing solely in high-risk stocks Focusing on a single, reliable investment Diversifying investments across a portfolio Relying on employer-sponsored savings plans

Why is investing in insurance considered important?

It provides a safety net against unexpected medical expenses It offers potential tax benefits It helps mitigate financial risks associated with illness or disability All of the above

How can girls protect their credit scores?

By making all loan and credit card payments on time By avoiding the use of credit cards altogether By frequently checking their credit reports By closing unused credit card accounts

What is the purpose of nominations and wills in personal finance?

To ensure the distribution of assets according to one's wishes To appoint someone to manage finances in case of incapacitation To avoid legal disputes among family members All of the above

What is a recommended method for learning from financial mistakes?

Seeking advice from financial experts Avoiding any future financial risks Maintaining a budget journal to track spending patterns Ignoring past mistakes and focusing on future goals