Question

Tristan has found a good job as a bookkeeping clerk after finishing his associates degree at the local community college. He is making a beginning annual salary of $19,760. How can this increased income affect his financial decisions

Answer 1

An increase in the total income may lead to changes in Tristan's financial decisions in positive as well as negative ways.

What are financial decisions?

A plan or a strategy which is backed by strong logic of an individual to distribute his or her income in different forms of investments, expenses, and savings, are known as financial decisions.

When Tristan gets an increase in his income, his financial decisions may, change in a way that he may start investments and save for future goals. He may also start spending on luxuries, which he otherwise, could not afford to.

Hence, the significance of an increase in income on the financial decisions of Tristan is aforementioned.

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