What is the most crucial money management advice for new earners?

"Creating a budget" "Investing in insurance" "Managing debt" "Maximizing tax savings"

Why is creating a budget beneficial?

"It helps track income and expenses" "It ensures financial security" "It guarantees a high salary" "It eliminates the need for loans"

What type of insurance is highly recommended for new employees?

"Auto insurance" "Home insurance" "Term life insurance" "Travel insurance"

What is a common financial challenge faced by millennials entering the workforce?

"Low salaries" "Lack of investment knowledge" "High levels of debt" "Difficulty finding employment"

How can new employees potentially reduce their tax obligations?

"By increasing their basic pay" "By investing in real estate" "By adjusting their salary structure" "By working overtime"

What is the benefit of investing in an Equity-Linked Savings Scheme (ELSS)?

"Guaranteed high returns" "Tax deductions up to a certain limit" "Short-term investment with quick profits" "No risk of losing money"

What is a key advantage of a Public Provident Fund (PPF)?

"High liquidity and easy withdrawals" "Investment amount, interest income, and withdrawals are tax-free" "Unlimited investment allowed" "Guaranteed returns higher than market rates"

What is a Fixed Deposit (FD)?

"A high-risk investment in the stock market" "A type of savings account with fluctuating interest rates" "A financial product offering a higher interest rate than a regular savings account" "A loan taken from a bank to purchase a house"

Why is it important to create an emergency fund?

"To cover unexpected expenses" "To become wealthy quickly" "To avoid paying taxes" "To impress employers"

What is the recommended approach for retirement planning?

"Start saving only after retirement" "Rely solely on government pension schemes" "Invest a fixed amount regardless of income" "Base the plan on current costs and future scenarios"