Sophia Martin wants to travel after she retires as well as pay off the balance of the loan she has on the home she owns.Which step in the financial planning process does this situation demonstrate?
A)Determining her current financial situation
B)Developing her financial goals
C)Identifying alternative courses of action
D)Evaluating her alternatives
E)Implementing her financial plan

Question

Quizplus · Accepted Answer

Sophia Martin's desire to travel after retirement and her goal to pay off her home loan are examples of developing financial goals, which is a crucial step in the financial planning process. This step involves identifying what one wants to achieve with their finances.

Sophia Martin Wants to Travel After She Retires as Well