MANAGEMENT

Detailed explanation-1: -The 5 steps in the financial planning process are: evaluate your financial health, define your financial goals, develop a plan of action, implement your plan, and finally, review your progress, reevaluate, and revise your plan.

Detailed explanation-2: -Step 1: Assess your financial foothold To assess your financial foothold, take stock of your income, expenses and debt. List your assets: the value of your property and investments (if any) and the balances of your checking and savings accounts. Then, list your debts: credit card balances, mortgages and other loans.