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Definition
| Factors about the way a person lives and works that affect his/her financial income, needs, and expenses |
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Definition
| 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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Definition
| The state of the economy, whether favorable or unfavorable, as measured by economic indicators, including interest and unemployment rates |
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Definition
| 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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Definition
| 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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Definition
| Typical stages of wealth a person accumulates during the life cycle |
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Definition
| 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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Definition
| The stage that includes the peak earning years, giving money to oneself |
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Definition
| The stage of retirement and wealth consumption, money given to chosen ones |
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Term
| Individual and Family Life Cycles |
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Definition
| Typical stages of life for individuals and families |
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Definition
| A family of young adults who marry; newlyweds |
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Definition
| A child-bearing family; has one or more young children |
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Definition
| A developing family, with children growing into middle childhood and early teens |
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Definition
| A family with middle-age parents and children leaving home for college, etc. |
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Definition
| A pre-retirement famly, no children at home |
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Definition
| A family of elderly adults, usually retired |
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Definition
| Families that do not follow the “typical” life cycle stages |
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Term
| Age, education, work experience |
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Definition
| What causes variations in income? |
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Term
| ACtivities & events that occur at different stages of life |
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Definition
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Term
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Definition
| Life cycle needs create ______ |
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Term
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Definition
| Stage that relates to what you're doing with your money (protecting, accumulating, distributing) |
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Term
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Definition
| Cycles of life where groups of people in age ranges have the same type of financial opportunities and challenges |
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Term
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Definition
| Stages of life based on the various needs, wants, values, & priorities of a family |
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