The Concept of "Pay Myself First," Saving and Investing Before

question 76

True/False

The concept of "pay myself first," saving and investing before you pay other expenses,is a characteristic of successful financial managers.

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Definitions:

Attribution

The process of explaining one's own behavior and the behavior of others.

Assigning Causes

The process of attributing reasons or explanations to events, actions, or outcomes, often to understand or predict behavior.

Cognitive Dissonance

A state of mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Self-Handicapping Strategy

A cognitive strategy where individuals create obstacles or excuses to avoid self-blame in case of failure.