Final answer:
The biggest factor in long-term financial well-being is one's daily behavior, which includes personal financial management and making informed decisions.
Step-by-step explanation:
According to the text, the biggest factor in your long-term financial well-being is your daily behavior. This includes how you manage spending, saving, the use of credit, and investing. It is important to develop a financial plan that includes budgeting and balancing income and expenditures. In addition, understanding the function of banking institutions, the impact of interest rates, the use of credit, and employing risk management strategies like insurance, all contribute to informed decision-making that leads to personal economic success.
Saving and investing early provide a nest egg with time to grow, securing financial stability for retirement. On the other hand, the impact of the overall economy, interest rates, and the federal deficit are factors that can influence one's financial situation, but they are typically less within an individual's control compared to everyday financial behaviors and decisions.