Respuesta :
Answer:
Pay yourself first, distinguish between needs and wants, automatic deposit
Explanation:
Some of the suggestions given by financial expert Beth Kobliner to D. Woods are mentioned below:
Pay yourself first
It is the key concept of personal finance. The term does not mean about receiving a paycheck rather it is a money-saving method that simply requires one to save money for long-term and future needs. Examples of such could be depositing money into retirement accounts, buying insurance, or depositing money into a savings account.
Distinguish between needs and wants
Another suggestion by Beth Kobliner was the distinction between needs and wants. As needs are something that one requires to survive while wants are something one can live without. From the financial perspective view, an individual must be able to prioritize between what is needed to sustain life and what can be delayed as it is a luxury.
Automatic deposit
This refers to the payment to the recipient's bank account immediately and without any waiting period. This method is an electronic service and replaces the old-fashioned way of sending paper check mails. With the deletion of the paper check method in exchange for using direct deposits, the risk of wages being stolen is eliminated. This way direct deposits are a simple and flexible solution for employees.
