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Q- If you got extra money, would you save the money or spend it immediately? Include reasons and details to support your explanation.
Ans: If I were to receive extra money, I would choose to save it. Saving money can provide safety for unexpected expenses or emergencies. Life is unpredictable and having a backup financially can save lots of last-minute hustles. It can help in managing unforeseen circumstances such as medical emergencies or sudden loss of income and help in preventing debt trap. It provides us with the peace of mind that comes with knowing that we have resources over which we can fall back. Financial stability is invaluable and can significantly reduce stress and anxiety related to financial insecurity.
In addition to this, saving money can help in achieving long-term goals such as buying a house, starting a business, pursuing higher education, or planning retirement. By saving an extra amount, one can steadily work towards these goals without experiencing financial stress. In conclusion, spending money can be a cause of immediate gratification for many people, but I believe that the benefits of saving for future stability and goals outweigh the temporary pleasure of spending. Therefore, if I received extra money, I would save it.
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