What is the first step in developing a financial plan?

Name: What is the first step in developing a financial plan?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Before setting financial goals, creating a budget, or knowing where your money goes, it is important to take a financial inventory. This involves assessing your current financial situation, including your income, expenses, assets, and debts. By taking a financial inventory, you can determine your starting point and identify areas for improvement.

What Is the First Step in Developing a Financial Plan