What is the first step in financial planning? A. maintaining a log of all your expenses B. understanding what you want C. preparing a balance sheet D. attaching a goal cost to every goal E. attaching a time frame to every goal Reset Next
Mathematics · Middle School · Mon Jan 18 2021
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The first step in financial planning is typically:
B. understanding what you want
Before you can effectively plan your finances, it's important to have a clear understanding of your financial goals and priorities. This involves defining what you want to achieve in the short term and long term, whether it's buying a home, saving for education, building an emergency fund, or planning for retirement. Once you have a clear understanding of your financial objectives, you can proceed with the other steps in the financial planning process, such as preparing a balance sheet, attaching goals to specific costs, attaching time frames to goals, and maintaining a log of expenses.