Chapter 11 Fiancial Planning For The Future (life Cycle) Flashcards
1
Q
What’s a financial life cycle?
A
FINANCIAL LIFE CYCLE
A personal financial life cycle shows the changing financial needs a person will have at each stage of their life. People have different needs, wants, priorities and assets at different stages of their life.
2
Q
What’s An asset ?
A
An asset is something of value that you own.
3
Q
What’s an estate ?
A
Your estate is made up of everything you own.
A will is a legal document containing instructions for what should be done with personal money and property after death.
4
Q
What are the all stages of a person life cycle?
A
Dependence stage - Early Years
Dependence Stage - Teens -
Pre-retirement
Retirement
