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A comprehensive financial plan is foundational for achieving long-term financial objectives, and the development of this plan revolves around several critical components. The correct choice emphasizes assessing financial status and creating actionable strategies, which are two essential steps in the financial planning process.

Assessing financial status involves a thorough evaluation of current assets, liabilities, income, and expenses. This step is crucial as it provides a clear picture of where an individual or organization stands financially. Understanding one's financial position allows for more informed decision-making and helps to identify areas that require attention or improvement.

Once the financial status is assessed, developing actionable strategies is vital. These strategies should align with the financial goals that individuals or organizations want to achieve, whether it be saving for retirement, purchasing a home, or funding a child's education. The formulation of concrete steps ensures that the plan is not only theoretical but also practical and implementable.

Other options may include relevant elements of financial planning; however, they do not encompass the comprehensive view required for developing a robust financial plan. For instance, while setting clear goals and identifying opportunities is important, it is less effective if not grounded in a solid understanding of one's current financial state. Similarly, identifying risks and managing emotions and reducing expenses while increasing income are valuable components but do not replace