Question

identifying the current financial situation

• is the step of creating a personal financial plan

◦ having a thorough understanding of the current financial situation can help an individual formulate

• utilizes the which have been created in addition to looking at the bigger picture of the finances by calculating the

◦ net worth is the sum of the individuals current assets minus the individuals total liabilities

first # net worth # realistic goals # monthly budgets

Explanation:

Identifying the current financial situation is the first step in creating a personal financial plan. Understanding it helps in formulating realistic goals. It also uses monthly budgets and calculates net - worth to get an overall view of finances. Net - worth is assets minus liabilities.

Answer:

Is the first step of creating a personal financial plan: first
having a thorough understanding of the current financial situation can help an individual formulate: realistic goals
Utilizes the: monthly budgets
which have been created in addition to looking at the bigger picture of the finances by calculating the: net worth