Now that you have read the chapter on financial planning, what do you recommend to Austin for

Question:

Now that you have read the chapter on financial planning, what do you recommend to Austin for his talk with Rachel on the subject of financial planning regarding?
1. Setting financial goals?
2. Determining what they own and owe?
3. Using the information in Austin's newly prepared to summarize the family's financial situation?
4. Evaluating their financial progress?
5. Setting up a record-keeping system to better serve their needs?
6. Starting a budgeting process to guide saving and spending?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...