Jessica is very proud of herself for having $5,000 in her savings account that pays 4 percent interest- She currently has a balance of $2,300 on her credit card account that charges 21 percent interest- Jessica thinks she is making a wise financial decision by keeping her money in her savings account instead of paying off her credit card balance- What financial principle would you use to give her good advice?

What is the most important step in financial planning?
Monitoring Your Financial Progress. Regular communication and follow-up are important steps in the financial planning process. In fact, creating the plan is really just the first step. You'll have ongoing contact with your planner to find out whether you are on track to meet your financial goals.