There are about six steps involved in the process of financial planning that include identification, evaluation, and implementation of the courses of action for the accomplishment of an individual's financial goals.
What is the significance of financial planning?
Financial planning can be referred to or considered as a planning in which an individual or a group determines the actions that need to be performed in order to achieve the financial goals that they have for a particular period of time.
A financial plan is put in identification in first place; then after planning the course of actions are determined; and lastly, the implementations of actions for achievement of financial goals are taken as a part of the process of financial planning.
Therefore, the significance of the processes involved in a financial planning has been aforementioned.
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