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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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A set of consecutive ages that tend to have similar incomes,needs,and expenses |
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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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The state of the economy,whether favorable or unfavorable,as measured by economic indicators,including interest and unemployment rates |
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The highest grade in school or degree completed |
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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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A person's health factors,whether sick or well,able or disabled,injured or not |
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Whether married or single,divorced,separated,etc |
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Typical stages of wealth a person accumulates during the life cycle |
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The sum total of assets belonging to one person--- including money,property,and personal possessions |
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The stage during which most people form a family,begin to work and earn money |
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The stage that includes the peak earning years,giving money to oneself |
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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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A family of young adults who mary;newlyweds |
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A child-bearing family; has one or more young children |
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A developing family,with children growing into middle childhood and early teens |
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A family with middle-age parents and children leaving home for college,etc. |
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A pre-retirement family, no children at home |
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A family of elderly adults,usually retired |
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Families that do not follow the "typical" life cycle stages |
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