Multiple Choice Question Understanding how the ages of dependents will affect your savings goal is a part of step four in the financial planning process, which involves evaluating your planning resources alternatives sequencing educational background

Evaluating your planning resources is all about assessing what you currently have at your disposal, like income, savings, and any assets. Knowing the ages of your dependents can significantly impact your financial planning, especially when it comes to setting future savings goals for their education or care needs. On the other hand, assessing your alternatives relates to exploring different options for your investments and savings strategies. With dependents, it’s crucial to weigh what methods will best support their needs as they grow, ensuring that your savings can adequately cover their future expenses.