In: Finance
1. The personal financial planning process involves the following:
Step
i. Determining your current financial situation
ii. Define your financial goals.
iii. Develop a plan of action.
iv. Implement your plan.
v. Review your progress, reevaluate, and revise your plan.
Evaluate the practical aspect of the above planning process. (300 words)
Financial planning is like an art. The more you explore, the more interesting it gets. The process of financial planning can be divided into simple steps which are discussed below in detail: