Final answer:
Individuals with strong personal finance skills are likely more prepared to meet basic needs, can spend money thoughtfully to accumulate assets, and can spend wisely to avoid financial problems.
Step-by-step explanation:
The question asks which outcomes become more likely for someone with strong personal finance skills. For such an individual, several positive outcomes are likely:
- A person can be more prepared to meet basic needs.
- A person can spend money thoughtfully to accumulate assets.
- A person can spend wisely to avoid financial problems.
It is important to note that while personal finance skills can enhance one's ability to make informed decisions and may lead to better financial outcomes, they do not eliminate the concept of opportunity cost. Opportunity cost is inherent in all decision-making processes, as choosing one option inevitably means forgoing another. Also, personal finance skills will certainly not help a person to avoid financial decision-making; in fact, they are intended to improve the quality of those decisions.