Question

Why is starting financial planning early important?

a.

It helps in making impulsive financial decisions

b.

It gives investments the maximum benefit of time

c.

It allows for immediate wealth accumulation

d.

It is only important for wealthy individuals

Posted under IC38 Life Insurance Agent Exam

Answer: (b).It gives investments the maximum benefit of time Explanation:Starting financial planning early is important because it allows investments to benefit from the maximum amount of time, leading to potential growth.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Why is starting financial planning early important?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the impact of an unplanned, impulsive approach to financial planning?

View solution

Q. What is the primary objective of financial planning?

View solution

Q. What are the elements of financial planning?

View solution

Q. What are the elements of financial planning?How does financial planning address the challenges of changing lifestyles?

View solution

Q. What role does financial planning play in dealing with inflation?

View solution

Q. When should financial planning ideally begin?

View solution

Q. What is the importance of a disciplined approach to financial planning?

View solution

Q. When is the best time to start financial planning?

View solution

Q. Which of the following is not a component of financial planning?

View solution

Q. What is the primary purpose of cash planning in financial management?

View solution

Q. In insurance planning, what does estimating the income and expense requirements of dependents involve?

View solution

Q. What type of policy is typically considered in health insurance planning?

View solution

Q. Which area of financial planning deals with strategies to create and maintain a surplus of cash for capital investment?

View solution

Q. What is the role of returns in investment planning?

View solution

Q. What does risk tolerance represent in investment planning?

View solution

Q. How does the time horizon affect investment decisions?

View solution

Q. What is liquidity in the context of investment parameters?

View solution

Q. How does diversification impact investment strategies?

View solution

Q. What is the first step in investment planning after defining investment parameters?

View solution

Q. Which of the following is NOT an example of an investment vehicle in India?

View solution
View All MCQs on IC38 Life Insurance Agent Exam

Recommended Subjects

Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Cost Accounting

Dive into the realm of Cost Accounting with our specialized category. Explore cost...

Genetic Engineering

Unlock the potential of Genetic Engineering with our dedicated category. Explore gene...

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

Fluid Mechanics

Unlock the mysteries of fluids and their behavior with our Fluid Mechanics category....

General Knowledge

Expand your horizons and stay informed about the world with our General Knowledge...

IC22 Life Insurance Underwriting

Prepare for success in the Insurance Institute of India (III) examination with IC22...

Molecular Biology

Dive into the intricate world of molecular biology with our specialized category....

Verbal Ability

Hone your language and communication skills with our Verbal Ability category. Enhance...

Tissue Engineering

Delve into the cutting-edge field of Tissue Engineering with our specialized...