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)
- different stages in life = different financial situations
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