Don't have a financial plan? A financial process is more important

(BPT) - If you've ever consulted a financial advisor, or just searched "financial plan," you probably learned what you need: A list of your net worth (assets and liabilities), a budget, a debt management plan (if necessary) — and financial goals for the next year, five years, ten years or longer.

A financial plan may seem daunting to create, which may be one reason why more than half of Americans don't have one. And according to a financial industry veteran, a financial plan may not be the most effective or useful way to approach your finances.

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