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20 Cards in this Set
- Front
- Back
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Lifestyle Conditions
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Factors about the way a person lives and works that affect his/her financial income, needs, and expenses
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age
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A set of consecutive ages that tend to have similar incomes, needs, and expenses
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dependents
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People who rely on another person for primary financial support---e.g., children, spouse, other family members
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economic outlook
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The state of the economy, whether favorable or unfavorable, as measured by economic indicators, including interest and unemployment rates
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education level
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The highest grade in school or degree completed
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employment status
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A person’s work circumstances, whether employed or unemployed, full-time or part-time, self- or other-employed
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health condition
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A person’s health factors, whether sick or well, able or disabled, injured or not
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marital status
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Whether married or single, divorced, separated, etc.
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Financial Life Cycle
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Typical stages of wealth a person accumulates during the life cycle
wealth The sum total of assets belonging to one person---including money, property, and personal possessions |
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basic wealth protection
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The stage during which most people form a family, begin to work and earn money
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wealth accumulation
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The stage that includes the peak earning years, giving money to oneself
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wealth distribution
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The stage of retirement and wealth consumption, money given to chosen ones
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Individual and Family Life Cycles
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Typical stages of life for individuals and families
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beginning family
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A family of young adults who marry; newlyweds
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expanding family
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A child-bearing family; has one or more young children
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parenting family
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A developing family, with children growing into middle childhood and early teens
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launching family
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A family with middle-age parents and children leaving home for college, etc.
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mid-years family
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A pre-retirement famly, no children at home
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aging family
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A family of elderly adults, usually retired
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variations
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Families that do not follow the “typical” life cycle stages
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