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Why is it important to prepare a financial budget? Explain what is meant by the term time value of money. For example, why might it

Why is it important to prepare a financial budget?

Explain what is meant by the term "time value of money". For example, why might it be better to receive $8 today, over receiving a promise of $9 seven years from now?

How should one consider the time value of money when planning for retirement? Please share examples within your response.

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