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)