Lance is hanging outata summer BBQ with a group of friends. While he and several buddies are in a deep discussion about the latest movie they saw last night, a water fight breaks out behind him. Without warning , he's doused from head to toe with a bucketful of water. And his phone is in his pocket. After chasing off the troublemakers, he checks his phone and discovers a black screen-and it won't turn on. After trying all the tricks to dry it out, he takes it into a repair shop and is told his phone is a goner.While he uses his phone for social media and to watch movies he also thinks it's a necessity in case he needs to get in touch with his friends and family. 7. Should Lance use his emergency fund to purchase a new phone? square Yes square No 8. Explain your reasoning.

Question

Lance is hanging outata summer BBQ with a group of friends. While he and several buddies are in a deep discussion about the latest movie they saw last night, a water fight breaks out behind him. Without warning , he's doused from head to toe with a bucketful of water. And his phone is in his pocket. After chasing off the troublemakers, he checks his phone and discovers a black screen-and it won't turn on. After trying all the tricks to dry it out, he takes it into a repair shop and is told his phone is a goner.While he uses his phone for social media and to watch movies he also thinks it's a necessity in case he needs to get in touch with his friends and family. 7. Should Lance use his emergency fund to purchase a new phone? square Yes square No 8. Explain your reasoning.

Answer 1

7. No8. Lance should not use his emergency fund to purchase a new phone because an emergency fund is meant to cover unexpected expenses, not discretionary spending. It would be advisable for Lance to use other means to purchase a new phone, such as saving up or using a credit card. This would ensure that his emergency fund is available for true emergencies.

Answer 2

This question is asking for an opinion on whether Lance should use his emergency fund to purchase a new phone. The answer to this question is subjective and depends on Lance's personal circumstances and priorities. However, generally speaking, an emergency fund is meant to cover unexpected expenses, not discretionary spending such as buying a new phone. Therefore, it would be advisable for Lance to use other means to purchase a new phone, such as saving up or using a credit card. This would ensure that his emergency fund is available for true emergencies.

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