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The financial planning process includes five steps. Four of the steps are listed next: Analyze your...

The financial planning process includes five steps. Four of the steps are listed next:

Analyze your current financial status.
Implement your financial plan.
Monitor your progress and revise your plan as needed.
Organize your financial information and set short-term and long term goals.

What is the missing step?

Understand the personal financial planning process.
Build wealth and protection against emergencies.
Acquire the necessary decision-making skills and tools.
Identify and evaluate alternative strategies for meeting your goals
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Answer #1

The missing step:- identify and evaluate alternative strategies for meeting your goals

Developing alternatives is crucial for making good decisions. Although many factors will influence the available alternatives, possible courses of action usually fall into these categories:

  • Continue the same course of action.
  • Expand the current situation.
  • Change the current situation.
  • Take a new course of action.

You need to also evaluate possible courses of action, taking into consideration your life situation, personal values, and current economic conditions

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