Question

what does \pay yourself first\ mean when it comes to saving?
keep all of your money in just one account so its easier to manage
prioritize your wants and flexible spending over all other types of spending
pay all of your bills first and if you have extra money, then consider putting it in a savings account
each time you get paid, set aside money for savings before making any purchases
question 4
which of the following statements best describes the main difference between certificates of deposit (cds), savings accounts, and money market accounts?
cds and savings account allow you to write checks on your balance. money market accounts do not.
money market accounts are the only type of account that earns interest.
cds typically offer higher interest rates than savings accounts and money market accounts, but your money is hed up for a set period of time.
cds, savings accounts, and money market accounts are all the same type of investment product, with the same interest rates and withdrawal rules.

Explanation:

• First Question:
• "Pay Yourself First" is a financial principle. Keeping money in one account is about account management, not the principle. Prioritizing wants over other spending is not a saving - related principle. Paying bills first and then saving is the opposite of "Pay Yourself First". The correct concept is setting aside savings before any purchases, which aligns with the principle of making savings a priority.
• Second Question:
• CDs and savings accounts do not allow writing checks (in general, basic savings accounts don't, and CDs are time - locked). All three types (CDs, Savings Accounts, Money Market Accounts) earn interest. CDs are known for higher interest rates but with a fixed - term lock - in. They are not the same investment product as they have different features like liquidity and interest - rate structures.

Answer:

• First Question: Each time you get paid, set aside money for savings before making any purchases.
• Second Question: CDs typically offer higher interest rates than Savings Accounts and Money Market Accounts, but your money is tied up for a set period of time.