Matthew bought a used car last month for $2,400- He just found out he needs a new transmission that will cost $2,400 to install- He is asking you for advice as to what he should do- What financial principle would you use to base your advice on?

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.