Question

One of the hardest things about handling money is balancing short-term needs and wants with long-term needs and wants. How can you save money in an interest-bearing account when you need every penny to pay for school loans, car loans, rent, and utilities? Write one paragraph that explains why thinking about the future might be important even when you're having a hard time managing the present

Answer 1

Opening an interest-bearing account is a form of investment. Deciding on opening it means that you are a business minded person. A business person knows how to leverage their income. In leverage income, there are 2 sides: linear income and residue income. Linear income means you work to get paid while in residue income, your money works for you. There's nothing wrong with both sides except the time and effort exerted to get an income. Sacrifice is one of the important keys to have residual income even in linear but if the goal is to have a better future, then sacrifice is one big obstacle to overcome.