topic 2 - personal lifecycle (1)

  • Created by: Hetal M
  • Created on: 04-10-17 16:42
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  • Topic 2 - Personal lifecycle
    • different stages in life = different financial situations
      • factors = age, life, income, spending patterns, life events
    • paying for needs, wants and aspirations
      • needs = necessities (food, water, shelter)
      • wants = optional (something desirable, not necessary)
      • aspirations = something you wish to have in the future (an item or experience)
      • 1st needs, 2nd wants, 3rd aspirations
    • life events
      • early stages of life = money controlled by parents (their choice)
      • location = influential
        • different stages - starting school or finishing school
        • living in a different country = different opportunities (less or more fortunate)
      • health
        • long term poor health = shorter life span
        • benefits help with their lifestyle
      • status = changes as you live on
        • getting older = becoming more independent
        • making own choice
      • unforeseen circumstances
        • positive = something good/helpful - e.g. inheritance
        • negative = something bad - e.g. debt or death
        • both = e.g. winning the lottery but everyone around you looks at you differently
        • economic situation
          • growth = job promotion
          • decline = redundancies
      • income = money coming into the household
        • less income = less likely to do something big (buy a house)

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