Financial Planning For Your Future

Question 1

What is a personal financial life cycle

Answer 1

A personal financial life cycle shows the changing financial needs a person will have at each stage of their life.

Question 2

List five things that affect your financial planning

Answer 2

Employment status,age,number of dependents,marriage status and health status

Question 3

What financial concerns would you have in your teens

Answer 3

Considering for future financial needs,full time education

Question 4

What financial concerns would you have at the independence stage

Answer 4

Repaying student loans,buying/renting a home and insurance needs

Question 5

What financial concerns would you have at the developing stage

Answer 5

Increasing their income,paying mortgage,children’s education expenses

Question 6

What financial concerns would you have at the pre-retirement stage

Answer 6

Savings,paying off mortgage and children’s third level education

Question 7

What financial concerns would you have at the retirement stage

Answer 7

Pension entitlements,inheritance planning and checking contests of a will