Come with a critical thinking question related to the following: The 4 steps in developing a financial plan include: Assessing financial position and prior growth patterns. Defining growth needs in total assets for the planning period. Defining acceptable level of debt for both current and long-term categories. Assessing reasonableness of required growth rate in equity. (Cleverley, 2017) I have personally used these steps to help develop a financial plan for myself. In step 1 I reviewed my current financial situation which included looking at my income and expenses. In step 2 I wrote down goals for myself that I wanted to achieve financially. One of these goals was getting rid of my car loan as fast as possible. For step 3, I looked into any debt I had for my car and determined what percentage of payments a month I would be comfortable taking based on my numbers from step 1. Lastly, in step 4, I looked at the interest rate of the car loan to ensure I am prioritizing the most appropriate loan to get rid of first. Applying those 4 steps have allowed me to pay down my car loan faster sooner than I expected.