Question

Critical to the success of building a comprehensive financial plan is that you approach its creation in a logical order. The steps to success, in the correct order, are as follows: Secure basic needs, build and protect wealth, and establish a firm foundation. Secure basic needs, establish a firm foundation and build and protect wealth. Build and protect wealth, establish a firm foundation, and secure basic needs. Establish a firm foundation, secure basic needs, and build and protect wealth.

Answer 1

Option IV Establish a firm foundation, secure basic needs and build and protect wealth.

In order to gain financial success, you first need to have a strong ground, i.e, a fixed source of income. You first need to have enough money and build a foundation for further processes. At the second step, you need to secure your basic needs first. Basic needs includes Food, clothing, shelter, medicines, etc. Maslow's theory of needs also explains the needs of a human being. At the third step, after satisfying the basic human needs, you can go for building and protecting your money like investing in various investing avenues available and saving in savings account, fixed deposits, etc.