Financial Life cycle
2.Independant
1.Dependent
3.Growth
4.Maturity
5.Retirement
The dependent stage is when you rely on other people for most of you needs and wants. This stage is from when you are born to when you are 18.
Needs
Protection 🛡
Shelter 🏡
Main Sources of Income
💰Pocket money
Grandparents 👵🏼
Food 🍕
Water 🚰
Wants
Entertainment 🎦
Friends 👥
The retirement stage is from when you are 65 to when you die
Needs
Water 🚰
Food 🍇
Shelter 🏡
Support 👴🏻
Main Sources of Income
Private Pension 💰:
State Pension 🏦
Wants
Things to Do ⚽
To Die Happy 👼🏻
This is from when you are 55 to when you are 65. You are at your most experienced at your job and are thinking of retirement.
The Growth stage is when you become more settled in to your working life. It is also when you want to start growing your family. This stage is from when you are 35 to 55
Needs
Water 🚰
Shelter 🏘
Food 🍔
Needs
Wants
A better house 🏚
Wants
To retire and get pension 🤑
Main Sources of Income
Wages 💰
Salary 💰
Water 🍷
Shelter 🏘
Food 🥗
Children 👶
The Independent stage is when you start to rely on yourself for your needs and wants. It is from 18 to 35 years old.
New Car 🚙
Needs
Big House 🏡
Food 🍟
A job 🏢
Water 🚰
Main Sources of Income
New job 🏢
Parents 👫
Wants
A better job 👨🏻💼
To go to college 🏫
Main Sources of Income
Salary 💰
Wages 🤑
What is a Need and Want?
A need is something that is essential for survival
A want is something non-essential that we would like to have
By Cillian (and Robert I guess)