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Analyze the scenarios below and decide what personal finance philosophy should be applied. Choices are given below:Maria is having difficulty on deciding what brand of cellphone she is going to buy for her online classes. *A. Live below your means.B. Avoid credit card debt.C. Have an emergency fund.D. Ensure your needs (not your wants).E. Be pound wise.F. More things will not make you happyG. Determine net vs. gross.H. Know your net worthI. Automate everythingJ. Have financial independence

Question

Analyze the scenarios below and decide what personal finance philosophy should be applied. Choices are given below:Maria is having difficulty on deciding what brand of cellphone she is going to buy for her online classes. *A. Live below your means.B. Avoid credit card debt.C. Have an emergency fund.D. Ensure your needs (not your wants).E. Be pound wise.F. More things will not make you happyG. Determine net vs. gross.H. Know your net worthI. Automate everythingJ. Have financial independence

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Solution

The personal finance philosophy that should be applied in Maria's case is D. Ensure your needs (not your wants). This is because Maria needs a cellphone for her online classes, which is a need, not a want. She should focus on what she needs the phone for, such as good internet connectivity, rather than the brand of the phone.

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