The first step of financial planning is to determine your current financial situation, set goals based on this assessment, and implement and monitor your financial plan.
The first step of the financial planning process is to determine your current financial situation. This initial step involves evaluating factors such as income, expenses, assets, and liabilities to get a clear picture of your financial standing.
Once you have a solid understanding of your current financial situation, you can set specific financial goals based on this assessment, which will guide the rest of your financial planning process.
By implementing and monitoring your financial plan over time, you can work towards achieving your goals and improving your financial well-being.
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