The flowchart reads as follows:

  1. Step 1:

    Assess Your Current Financial Condition

    • Identify where your money comes from.

    • Identify where your money goes.

    • Prepare a personal balance sheet to determine your net worth.

  2. Step 2:

    Develop Your Financial Goals

    • Specify activities or items you want to save for.

    • Identify how much you need for each item and activity.

    • Identify the timing for accomplishing each goal.

  3. Step 3:

    Identify a Plan of Action

    • Identify sources of cash, amounts from each source, and timing of inflows.

    • Identify uses of funds, amounts needed, and timing of outflows.

    • Make spending conform to affordable limits.

  4. Step 4:

    Implement Your Financial Action Plan

    • Perform the planned actions. Track your spending. Make it conform to plans. ...

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