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Factors about the way a person lives & works that affect his/her financial income needs and expenses. |
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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. ; 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 & unemployment rates. |
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Highest grade in school or degree completed |
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A persons work circumstances whether employed, unemployed, full time, part time self or other employ. |
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A person’s health factors, whether sick or well, able or disabled, injured or not. |
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Married , single , divorced or single |
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Typical stages of wealth a person accumulates during their life cycle. |
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The sum total of assets belonging to one person including money. Property & 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 that includes the peak earning years, giving money to oneself |
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Idividual 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 ; 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 aged parents and children |
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A pre-retirement family, no children at home |
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Families that do not follow the “typical” life cycle stages |
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