While Each Person's Financial Plan Is Different,some Common Factors Guide

question 70

True/False

While each person's financial plan is different,some common factors guide all sound financial plans: flexibility,liquidity,protection,and minimization of taxes.

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Definitions:

Self-Discipline

The ability to control one's feelings and overcome one's weaknesses; the ability to pursue what one thinks is right despite temptations to abandon it.

Openness to New Experiences

A personality trait characterized by an individual's willingness to try new activities and be open to new ideas.

Social-Cognitive Perspective

A theoretical framework emphasizing the role of cognitive processes in understanding social behavior and how people process, store, and apply information about others and situations.

Conditioning

A method of altering behavior in which an individual learns to react appropriately to a formerly neutral trigger, now paired numerous times with a naturally occurring stimulus that provokes the intended response.